S&P 500 - Topped short term or very close to the top?

As I said in my post yesterday we should be close to a top. We have since seen the S&P 500 gain an additional 5 points or around 0.5 %. The rally since 1,190 has clearly lacked momentum and we have a clear five wave rally, which is a warning that a top has been seen or is very close at hand. Use a break below minor support at 1,187 to confirm, that the top is in place for a decline to at least 1,150.