The first ‘fall’ trading session of the markets came and went without much fanfare. The QQQs put in yet another new high, while the SPY put in another candle that sure feels like a rounded top in progress. Volume was slightly higher across the board, signaling that the big money is biding its time to move into new positions, or waiting for a correction to do so. Market internals were mixed, with the $ADD showing an extreme negative reading, while VIX and $TICK were neutral to slightly bearish most of the session. This week will show us whether the rounded top we see in SPY is valid or not. A break of $455 to the upside means the pattern is broken, while a break of $450 to the downside is confirmation. Of course, the pattern could confirm and we still move to new highs quickly, but it’s something to watch into mid week or this holiday shortened week.