Today, the NASDAQ made a new all-time high. This was accomplished on negative breadth, declining volume and declining new highs. The S&P did not make an all-time new high but its internal structure is just as weak as the NASDAQ. Add to that, the Industrials are unable to extend higher and follow the Transports, and it appears the Russell may have started a decline.
Just as I stated in the Briefing at the end of September, when the market internals weakened so much, the Indices were at risk of a greater degree time and price correction, so it is now. Certainly, the internals can strengthen to support price but until that occurs, I would be very cautious on all long positions.
Note the support levels in the Briefing. If they are broken, expect selling to accelerate. If there is a significant news event, it will take a large one to strengthen this market and send prices higher.