The S&P 500 has FINALLY broken about the 1850 resistance level but there's a big threat out there: Ukraine.
Think of the situation like this. The S&P 500 is overbought since its massive climb that began in February. All it's going to take is one bad news story out of Ukraine to give traders a reason to sell and take profits.
Any sort of "external" event can lay waste to even the best stock trading algorithms and stock market predictions. I think Ukraine is just such an event that could lead to a sell off if fear continues to escalate over the situation.
I think the mainstream media in the U.S. has done a bad job of reporting on the situation. This means that it's probably a bigger catalyst than most traders realize. I did an article on this here: The Real Story about the Ukraine and What Investors Should Know
Nevertheless, the Bulls are clearly in control of this market as I demonstrate in this week's show: http://www.youtube.com/watch?v=knzAPKPMih4