Wow! What a “Never-Say-Die” attitude this market has. S&P appears ready to hit new highs, and it better for its own sake, but if it falters at or near the highs, we could see a massive run for the exits. One other thing I notice that is occurring with the S&P is that every time it pulls back, the next leg up is shorter and unable to sustain the bullish sentiment no where near as long as the previous leg up – see for yourself!
Also a failure to reach new highs would create a text-book triple-top to short, but I would probably wait for a close below the trend line for the green light to short this index. Also if you notice, the S&P seems to be struggling of late to get much separation from the long-term trend line, which means, it won’t take much, in terms of bad news, to send prices below the critical support level, which amounts to one major sell-off, similar to what we got last week.