The markets were up Friday, but on lower volume.

Monday’s IBD notes to watch distribution days when looking for market tops, and my Accumulation/Distribution indicator moved again towards the distribution side this week by another 3%, making it the third week in a row, since accumulation topped out the week of April 17th @ 59%.

The DJ Utility average usually goes hand in hand with market direction, but is down again from last week, after topping out the week of April 24th.

The sum of the High Growth Stock industry groups Relative strength was down for the third week in a row after peaking over 1600 April 24th. A decline from the +1600 level has been a consistent leading indicator of a market correction (5/5 since 2007).