I'll hand it to the market: last week it both moved up AND broke resistance.  That's normally a time to celebrate, right?  In this case, not quite.  If you take a close look at the breakout, it came on shrinking volume.  That I can probably live with.

More concerning was the trajectory of the breakout.  Instead of coming right after a pause or some congestion, it was a move that went nearly vertical, rising 4% in 4 days.  For an index like the S&P, that's a pretty sharp move in a short amount of time, putting it squarely in the overbought camp.

I don't like overbought markets, as they tend to eventually crush the longs.  So right now, be careful.