As I have watched the S&P stall out here just below $141 there are some very interesting technical readings that are flashing sell signals. When the S&P climbed from 1160 to above 1400 from December to April the Relative Strength Index (RSI) went from a bearish reading and steadily climbed along with the S&P to where it became overbought, which is typical for a momentum indicator in a strong uptrend.
We compare that move with the last 2 months. The trend has certainly been up, but it's been choppy. The RSI this time around is not signaling a broad buy signal because even though the S&P has moved up the RSI has remained sideways.