Topping Process

The kind of volatility and volume that we get today is a sign of topping.  Even with the positive nonfarm payrolls report, this thing can't crack 1120.  The markets don't want to go higher, and those who missed the train are trying to get in at any dip.  The volatility and volume of the past 2 trading days is an important sign of institutional distribution.  Now the easy money will be made on the short side till Christmas.  Any rallies up to 1115 next week will be an absolute gift.  For the rest of the day, I expect the market to rally into the close.   As for Monday, I think a gap down is more likely than a gap up, but no strong conviction.