Another firm round of gains across all markets kept things buoyant. The Dow managed a fresh breakout from channel resistance on higher volume accumulation.  This has the look of yet another channel acceleration as the chance for a parabolic blowout increases.

It's a bit of a grasp given strength across markets but the Russell 2000 may be shaping a bearish wedge. There are three tags of resistance but it's rising support anchored by the two 'bear traps' which suggests a possible wedge. Today's bearish engulfing pattern also contributes.

The Nasdaq joined the S&P at historic highs as it hit the 15% zone of historic price extremes (relative to its 200-day MA). The S&P went a step higher as it touched the 10% zone of historic highs; i.e. it trades at levels above 90% of historic price action dating back to 1950 - a sign there isn't much left to this rally. If it makes it to 2,874 it will be in the 5% zone, a zone last seen in February 2011.

Last week saw the S&P hit the 15% of historic price action where it has been 10.7% or higher above its 200-day MA since 1950.  As of Friday, it's only 0.3% away from hitting the 10% of historic price action; i.e. over the last 68 years the S&P, 90% of historic action has been lower than where the index sits as of Friday's close - i.e. heavily overbought. This is time to be taking profits and/or selling covered calls on existing positions. Volume climbed to register accumulation as other supporting technicals give no indication of potential weakness - so those waiting for more upside don't have much to suggest this won't happen.