I've been waiting for a short term top for almost three weeks now. Maybe we've finally got one. If this is the case it's time to watch market internals to see if they hold up or fail in the face of lower prices. One of the things I'm watching most carefully is the percent of stocks above their 200 day moving average. Long time readers know I like to see them stay above the 60% level.

My reason for concern is that many previously loved stocks are flirting with their 200 dma. The market is at a point where these stocks need to see higher prices that keep them (or get them) above their 200 dma or they'll likely drag the market lower.