S&P bearish engulfing

There have been a few bearish engulfing candles since the strong rally started in early June but none have come after a significant move higher...like the one from yesterday. Can this rally extend to 1440 or so? Yes. But when we start seeing distributions like the latest bearish engulfing after a strong move higher then the warning is there for all to see.

As the post from yesterday warns, buyer beware!