US equity may have reached a short term top

US equity market may have hit a top in my opinion.

Dow Jones index closed right at the critical resistance level last week on weekly chart. It also ends its seven days concecutive rally today.

Equally important, S&P index is trading towards the upper end of the rising channel. The resistance level is between 1320-1330.

More importantly, USD rallied against all majors in the past couple of days. Especially that AUD/USD stopped getting bid in Asian sessions and steadily traded in a downward trend. Typical risk aversion mode in the capital market.

With that being said, I believe that US equity may have topped out in the short term. I am looking for a retracement of 4-5%.