The traders that I follow have been signaling that on a technical basis, we're a bit overbought. I know that many people think we're WAY overbought, but that is a different story. A lot of people have missed a good chunk of this move by being too bearish (I confess that I'm one of them). This market has further cemented my belief that the market can be irrational for long stretches. Its much easier to go with the flow than go against it.
Brian Shannon is a wonderful technician that I'm sure many of you are familiar with. I just wanted to pass along a great video that he put out last night. It basically takes a look at where we are on the technical side, which is about the only useful analysis right now.
It is definitely worth watching. Click here for video.