The S&P 500 exceeded 1175 this morning and is thus far holding up. A reversal this afternoon could form a bearish candlestick pattern, but right now it seems unlikely that will be the case.
Of note, the Nasdaq 100 QQQQ set a new yearly high today above the April high. This has created a kind of non-confirmation between it and the other indexes. We probably shouldn't read too much into this, but it may be a bearish sign.
The next unfilled gap on the SPY etf is at 120.35. That is higher than I would like to see the market go if a top is forming here, but it is within reach now.
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