Well, when everything points to good rally and nothing happens it is time to look out.  As I pointed out in chat yesterday the QQQQ and the SPY broke their two day up trendlines to the downside aborting the uptrend.

We can get a very nasty down swing here.  The Q's have broken down from a double top projecting a move to their bear market low.

But even more ominous, the SPY and DIA are breaking to new bear market lows this morning.  Once they firmly break the 2002/2003 there is nothing but air below them.  The double top in the SPY projects another 50% decline before the bear markets ends.  The double top projects the SPY to eventually fall to 44 and the SP500 to around 440 probably sometime next year when the 4 year cycle bottoms.

But the next move could be treacherous because the down swing is not occurring from short term overbought conditions it is occurring from short term oversold conditions meaning a quick counter trend rally can surprise you  at any time.