As it has for months, Fibonacci resistance levels came into play of late as the rally this past Friday stopped at the 61% level….AGAIN!  Did yesterdays 240+ point decline prove that a TOP is in place?  NO!!!

The VIX right now becomes key per if a TOP is in place…. due to three support lines coming into play at (2)…. If these support lines break, the TOP is not in and the market moves higher!

I remain of the opinion that the key to seeing that a MASSIVE TOP is in play and how to play it lies more in the CRX/Dollar combo!  I discussed this combo almost 6 weeks ago….I would focus a ton more on this combo, much more so than the the 500 index!!! (see post here)

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past