I actually prefer this SPY or the SPX Index rather than the futures contracts. But that May 1st/11 high was cleared and held for over 4 weeks including staying above the 20ema for that time period as well so was a valid breakout. And price ran up from 137.20 to 142.20 which is better than a 3% breakout over the old high. So now price has typically pulled back to the breakout point and bounced back off of it. Doesn't really matter if it's suggesting going to the moon or crashing from here. As long as that breakout pt holds up I don't think I'd short it. And look at everyone and his dog talking about a major correction now. THAT is what bothers me the most. And I believe it too,LOL. But that bearish mentality doesn't fit with making a bearish trade in my books. Look at all the puts that were bought once again that will expire Friday. Same old song every month since Christmas. And even the bulls haven't had much of a correction to add to their bullish positions and have tons of cash on the sidelines. Other breadth technicals have peaked at previous price highs and have rolled over as well. And like previous 'significant highs' the bell of the ball stock which is "APPLE" this time around has also rolled over much like Google did long ago before a big selloff when it was the bell of the ball stock. There isn't a reason in the world to get long now other than the fact price is king and still in an uptrend and holding support. And the RSI 21 is still trying to hold above the 50 line even after this selloff from the recent highs. What does surprise me is see the CCI 20 hit the very oversold zone of -200 with such a mild pullback. I've marked with dashed vertical lines each previous price lows before a sizable bounce up again and here we are again. Hard to believe really. But there it is,lol...............................