Distribution for the Dow and S&P 500 Tuesday gives warning.

We’ll consider ourselves in pullback mode until proven otherwise. One day of distribution means little. Any type f meaningful top will be accompanied by more distribution and a breakdown of leadership.

Leaders Apple (AAPL) can’t get past its $700 mark, and Amazon.com (AMZN) has sunk below its 10-day moving average. The fate of the market may very well be found here.