The march to S & P 1800 has picked up pace in this past week and we are within a few S & P points from attaining that milestone.
I am reminded that as we approach these round number milestones, history shows us that we can expect resistance. Combine that with a short term overbought market and weakness may ensue.. The one trump card to keep the momentum going is the underperformance that the money managing hedge fund crowd has to deal with .. They have to chase here to keep up performance with the major averages.. To get their bonuses and for some, keep their jobs. That's plenty of incentive for them to go out on a limb.
I was fortunate to find this link which displays where the markets are at this moment and what we might expect as we move forward.
Staying in my secular Bull theme, I do not believe this signals a 'major top" however this could wind up being the intermediate top that I was looking for...
Stay tuned and if you haven't done so , raise some cash and sell out of the money calls on positions that are stretched..