This complimentary article from Options Profits was originally published on September 26 at 8:13am ET.

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points out the following: The market rally halted last week, with averages consolidating just below the new multi-year highs from September 14. Major index charts avoided downturns that occurred elsewhere, including many short-term oscillating indicators. That action was noted by some newsletter editors, along with the high level of optimism amongst their colleagues and the ongoing heavy insider selling. As a result instead of a further increase in bullishness the more highs might have caused, they showed some new skepticism. That may delay the overdue correction as the level of bulls the prior week just missed entering the danger area, but it was close. Remain cautious.

Mutual Fund Monday and Turnaround Tuesday were a big flop. Yesterday, the S&P had its worst day in 3 months. The Dow closed down 0.75%, the NASDAQ closed down -1.36% and the S&P was off -1.05%. The S&P futures have been down five of the last seven days, and of the two days the S&P didn't close lower, one of the days had the SPZ closed unchanged and the other day the SPZ closed fractionally high, up .20 handles.

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According to


yesterday saw the heaviest wave of selling in months. Short-term indicators are still near overbought level and says the risk of continued decline remains high. The rebalance numbers showing billions in stock for sale and the ES is loaded with stops below and lets not forget the on going problems in Spain and Greece anti- austerity protest. Our view is that the ES still has potential on the down side. We lean to selling rallies with tight stops.

As always, use stops and keep an eye on the

10-handle rule

. Don't forget to catch MrTopStep on The Closing Print video found under the OptionsTV tab (top bar) on Options Profits. We report directly from the SPX pits, wrapping up the day and positioning for trade tomorrow.

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At the time of publication, Jill Malandrino and Danny Riley held no positions in the stocks or issues mentioned.