I'm almost afraid to say it as this market continues to surprise anybody calling a top to it, but the action over the past two days seems to indicate a pullback is underway. As I've said earlier, negative divergence can be found on several charts including the major indices. The number of stocks on the SP500 above the 50 day moving average looks like it peaked at 74% on Thursday. This indicates a very high level of bullishness. When the market moves to an extreme level such as this it will begin to run out of aggressive buyers which are needed to continue pushing the market higher. The aggressiveness shifts over to the sellers which causes the market to decline. We should see at least at 38% pullback to about 770 on the SP500 from the peak in this rally. It could fall to the 50% level but since there appears to be a significant change in the mood of the market there may not be enough fear to get us to that level.