SPY made a couple of all time highs since the end of July, but each time it has failed to touch the upper , in fact, it has gotten farther away from the upper while making all time highs. Is the velocity of SPY increasing at a decreasing rate? (Not a rhetorical question, I'm really asking you, I barely passed Calculus) But it looks to me that it's running out of steam.
I drew a third upper , starting from the end of July, and if you look at the 3 all together, each flattens a bit as time goes by.
Keep your friends close, and your enemy closer. So, bulls, please don't bully me.