into Mid-day, we've seen some definite further signs of slowing in this rally with S&P showing mild losses, EEM underperforming broadly along with Transportation stocks, while Small-caps are leading the charge. Defensives such as Utilities and Real Estate are rallying more than 1% today and providing most of the gains, while Financials and Tech are both down 0.75-0.80% which is problematic for Equities- The Dollar is down fractionally after its recent rip this week while Treasuries continue to gain ground today, with today being the first UP day for Bonds in the last 7- Overall, the trend has NOT yet turned down sufficiently to argue that a move to 2223 is imminent, though I suspect that could be possible into early next week before a rally up into end of year given the slowing following this massive runup as Financials show some evidence of slowing a bit along with yields. Breadth is still POSITIVE on the day with regards to Advance decline by nearly 3/2 while Volume is about EVEN in UP vs DOWN stocks- For this afternoon, a move down UNDER 2246 would result in acceleration, so this is what to watch for which would cause above-avg volatility. And notable that TD sell signals for the S&P near-term would trigger under 2267.75 by Monday's close.. so the market HAS to move up aggressively today and/or Monday to avoid a 2-3 day selloff - It should be stressed though, this DOES look to be short-term only and for now, tough to make too much of this as anything more than a PAUSE..so SOME evidence of downturn necessary to add conviction about a pullback getting underway. Top gainers for today in SPX: FSLR, WMB, VTS, ENDP, ALXN, while on downside- JWN, KSS, M, ORCL, MET, GPS, FCX, all down more than 4% and very heavily Retail oriented. Let me know if you have any questions.