It could be the start of something, and then it might not be. We are still trading well above major moving averages. There are a couple of support levels below and then the 50 day MA. If this will be a decent correction, we should take those out within the next few days.
However, even though the SPX (and by definition SPY) is still looking like everything 'could' be gumdrops and lollipops for the bulls, the internal mix of the market is not so good. My trend system (which looks at SPX [long term], SPY [short term / intraday], IWM, and the 'X' sector ETFs) issued it's first conflicting signal set (at least one long and one short signal) in months (it has been long or neutral for all the sector ETFs since September). That is another clue that goes into the 'topping process' pile.
