The SnP 500 is up 27.2% over the past 118 sessions without a 5% correction. Since 2003, this is the 4th longest in duration, but the 2nd best percent gain during the rally(chart 1 below). In addition, according to sentimentrader.com, whenever:
1) The 7th day of SPY intraday range has been the tightest over the prior 7 days,
2) SPY has been at a 52 week high, and
3) Volume has been the lowest in a month,
the market has undergone a correction(Chart 2 below)
http://image.minyanville.com/assets/buz ... 779316.jpg
http://image.minyanville.com/assets/buz ... 779330.jpg
Courtsey: MinyanVille