$SPX - Near Term Overbought, New Uptrend if Resistance is Held.While the breakout above 2117 has led to new all time highs for the S&P and started what many consider a return to the long-term uptrend, we're likely to see some resistance in the near term. The major timing and condition indicators used are all pointing toward some near term selling. Additionally, as the VIX approaches the 12 level, it's typically indicative of some over-optimism, a predecessor to a pick up in volatility. I surmise that perhaps after some upside to the 2200, we're likely to retest 2160 and perhaps 2117 as it was such an important level of resistance, and thus now, support.
