Today the TRIN had the highest close of the past year. This strongly suggests that the pullback is nearer its completion than its beginning. However, lower prices are likely before the pullback is over. For the SP500 the target is 1195 to 1200. A sustained move below 1190 would probably mean a more severe decline is underway. If the current leg down matches the first leg down that ended 11/1, then it should be over tomorrow or Friday.