Well the SPX and other equity markets have defied all the bears and continues to rally with no corrections to speak of since last Dec despite being overbought with most indicators. There is a lot of things out of whack now to the point that we aren't playing with a full deck anymore. With interest rates artificially frozen at close to zero it's just not a normal market anymore. I really hate to say "It's different this time." But it does seem to be. There seems to be an invisible hand under this market that keeps it from falling. But as cycles go 11 to 12 weeks is about as far as markets go before correcting to some degree. And this market is right at the early May/11 high and double top now. A breakout would really blow the socks off the bears but I wouldn't bet on it myself. Seeing is believing. Time and price suggest some downside is overdue.