Look at my Jan. 1, 2017 post here called The Intermediate Term Market, an analysis of the weekly bars chart of SPY. It shows the beginning of the rally in early November. I said, "...price bounced up sharply into a new uptrend. The most recent few weeks have shown some weakness, but we're still far above the support curve for this trend, so we're still in an uptrend on this timeframe."
After Jan. 1, that brief weakness reversed and the market resumed the strong uptrend. The Jan. weakness was the first pullback within that strong uptrend. Since that pullback was far above the Midas S curve launched from the beginning of the trend, that meets the definition of an accelerated uptrend, so one may fit a Midas TopFinder curve to that pullback which I have done in this new chart updated to yesterday.
Now, as I've emphasized in these blog posts many times, the TopFinder is a concurrent indicator, not a predictive one. It has identified that now is the end of that rally, but it does not predict what comes next. Typically, after such an end, we get some kind of a consolidation, after which the market does something new, which could be either a down move or an up move. All we can be fairly certain of is that the accelerated uptrend that has come to be known as the Trump Rally has ended.
