UPDATE: Is A Market Top Close At Hand?

Last Thursday, I wrote regarding the market, "if this ascending triangle were to breakdown in a meaningful way, it could indicate that the tide has turned and prior built-up momentum has finally been worked off. I would then reassess my bullish stance on the market."

I already started reassessing earlier this week, believing the market was looking very dicey and vulnerable. 

The following hourly chart of the S&P 500 clearly shows a breakdown of a rising wedge, decidedly bearish action.

Source: Finviz

I track closely several risk-on/risk-off metrics (small-caps vs. large-caps, junk bonds vs. T-bonds, cyclicals vs. staples) and they've recently turned from risk-on to risk-off, suggesting we may (finally) see a meaningful correction in the market.