The smaller 15/60min market index cycles are certainly on the upper side of being overbought. Perhaps a little weakness will be seen today, but there sure doesn't seem to be any serious catalyst for even a moderate 7-10pt move lower.
I'm really not expecting much of anything today. We'll probably close flat, maybe the market makers want to pin the SPY @ 147 ?
The question remains, do we get a retracement, or just keep going?
*I am resigned to a broader up move continuing into February, prime target would be sp'1510/20.