Looking at the SPY with the Up/Down volume differential demonstrates the matter nicely:
Notice also that we are perhaps forming an expanding top pattern.  So, if we make new highs in the next few days there's a good chance of a strong move down.Besides, we have an overhead Median Line of a pitchfork that goes back to October of 2002 (also using the highs of 2007 and lows of 2009 as the remaining two pivots), coinciding with a multi-pivot overhead median line.
By the looks of it, this weekly SPY chart still looks like it's in Wave 3, no?
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