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NEW YORK (TheStreet) -- The S&P 500 is essentially flat Thursday, and TheStreet's Debra Borchardt spoke to Mark Newton, chief technician at Greywolf Equities, to discuss where the market might be headed. 

Newton said deceleration continues to be a trend in corporate earnings reports at the same time economic data have been coming in weaker than expected recently. Despite all of this, the broader market remains near all-time highs, according to Newton, but that might not be the case for long.

Aside from being up 13 of the past 15 trading sessions, he said the market seems to be topping out. Also, small-cap stocks had an "outside day" on Wednesday, a technical term meaning both the high and the low exceeded the previous trading session's high and low. Outside days can often mark a short-term change in direction. 

Newton added that the markets moved up very quickly and it would only make sense for them to start pulling back a bit. Also, the bear/bull sentiment measures dropped below 20% for bearish readings, an indication market participants might be a little too optimistic. 

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Along with a stabilizing CBOE Volatility Indexundefined, the put-to-call skew also suggests we might be approaching a short-term top, he said.

As more call buyers step up and fewer put buyers are present, it oftentimes indicates we may be on the verge of a near-term pullback, Newton concluded. 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein's Weekly Options Newsletter. Focuses on short-to-intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.