Although I’d emphasized the importance of a longstanding rally target at 14969 here yesterday, we should allow for the possibility that it will not be reached and that the recent high at 14887 could turn out to be the elusive Mother of All Tops. Odds will naturally remain in bulls’ favor for now simply because the bull market has been running for more than four years. However, because Monday’s downdraft created a bearish impulse leg on the hourly chart, we can at least speculate that ‘The’ top is in, even if it is only ‘a’ top at this point. We’ll have a better idea of the selloff’s power once we’ve seen how the follow-through leg plays out (see inset).