There are few investors willing to take risks at current levels. This is called "low conviction" and is reflected in the higher selling volume in IWM and negative internal indicators (MACD, momentum, etc.).

Even though the most recent signal from our S&P 500 17-month moving average chart was a buy signal, it was the fourth change of opinion in as many months.

The market appears to be topping prior to a "normal" summer adjustment lower of 5% to 8%