The area above 4570 has been strongly rejected 4 times, and on Wednesday the SPX fell sharply again after gapping higher above 4570. In doing so it also sliced through and closed below the HVN of an 11 day Balance Area.

The DOW and RUT spiked briefly to a new rally high prior to reversing, while the SPX and NDX did not make new rally highs. Divergences like this are typical at stock market swing highs.

The 5-day MA of NYSE advancing issues has rolled over and there is a lot of room for further contraction.