While the market has acted extremely well in the face of numerous obstacles, the recent move higher has been almost straight up which leaves it vulnerable to a quick correction. We could see a correction today or tomorrow as both the NDX and SPX futures are hitting DeMark Sequential (TM) 9s today. In addition, both indexes are nearing overhead resistance from previous highs. Finally, the week of options expiration usually has one sharp sell off during the middle of the week. Today or tomorrow could be the day for such a sell off depending on the news flow.
Source: Bloomberg
Source: Bloomberg