The bears have lost themselves and their chance to drive this market lower yet again. 

The market has been on a three week rally and when it couldn't find enough momentum to push SPX to new all-time highs, it gapped above them instead on a Sunday night. Now, the market is officially back in uncharted territory. Like we saw back in July when SPX previous hit new all-time highs, it did so on little to no volume, and ultimately sold off later that month and into August. 

No surprise that this market keeps grinding higher. 

I mean, we have President Trump telling us every day it is going higher in his Daily Market Forecast, and the algos love him for it, triggering them into a buying frenzy each morning. The market is still stricken with low volume and at levels that should be considered anemic at best. 

I'm not aggressively long here and I don't care to be. The market is extremely crowded here at the top, particularly with the retail investor dealing with its own case of FOMO (Fear Of Missing Out). 

Why am I not getting long you ask? 

We have literally sold off the past five times that we have gotten right up against or barely established new all-time highs. Today $SPY is showing one of its lowest volume readings probably in years. If the market is serious about some major price expansion, the volume levels would be at least near average levels of the past 20 or so days, but it isn't. It isn't even likely to be half of that today.