We have had a fantastic run in SP500 (which is higher than Nasdaq). We are very much extended from the moving averages, something that cannot go on forever. Traders should note that we are in for a reaction or to be range bound.
There are bullish topics in the air. According to Lipper, funds got inflow of in $18.3 billion first week of trading this year. The 4th largest inflow since January 1992.