I have, typically, the indices might make another new high without the highs making such a new recovery, that is often close to the end of the move. Typically also, the equity put call ratio would make a low in advance of that high in the indices (for instance the 1/6 P/c ratio was the low, but the market did a broad top till later in January and marginally higher, similar in other prior tops). So yes, we may be close here. To be safe that a top is in, you may want to wait for the BPCOMPQ to cross its 14 day's moving average, of course, that may be a solid 50 Naz points or so from the top (g).
Zeev
