Our 30-minute SPY timeframe observations over the past week have been significant in that you can see the market deems it important. Note the resistance trendline of the falling channel below served as a place where price was turned away earlier today. However, we remain about the 09/13 breakout and, despite the tedious nature of these trading sessions, are still pulling back in an orderly manner.

Also note that sentiment remains very cautious here, if not downright frustrated and turned off by this action. Usually, that is not what you see at a major market top. For now, observing this channel and letting the boring consolidation run its course seems to be the correct approach.

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