For those who swing trade, there is some early evidence of a potential short term top being put into place on the NASDAQ and the same would hold true for the S&P 500 cash index as well.
The Hourly chart below shows the markets reaction to the MACD indicator moving above 20 and then turning down. This is illustrated by the blue lines I have placed on the chart. Currently the MACD is above 20, but has yet to turn down so we have not been given a full sell signal on this model, but it is in an area that is close enough to warrant attention.
The second item to notice on this chart is the last of the downside gaps that has yet to be filled.
2590 is the Gap Fill, and this gives us a heads up as to the last level before the market will be back in balance and a major trend can find its course.