Its all a matter of whether bullish sentiment is approaching January peaks or close to it. Extreme bullishness should result in a market pullback. Of course the million dollar question is what will be the nature of that pullback.
The DJIA looks kind of wedgy. Still beneath January highs. Still in a bearish DOW theory configuration.
The DJIA does not have a valid inverted H&S formation but the SPX probably does. 1178 is the target roughly.
There is overlap on the DJIA. So maybe some kind of ED going on. We'll know tomorrow if this is the case.
The VIX weekly is still, barely, maintaining positive divergence on the RSI. If this melts down then I suppose the market will melt up.