The YM (Dow) followed through to the downside today and joined the TF (Russell 2000) and ENQ (Nasdaq 100) in giving intermediate term sell signals. The ES (S&P) came really close but dot not actually close below the level necessary to give the signal (see Oct. 4 Post). Regardless, our working assumption from a trading perspective is that the indices have probably formed a top of some significance (yet to be determined how significant), and as long as the TF does not close above 840 we will spend most of our energy looking for shorting opportunities.