My annotated chart of the SPX shows the stochastics have curled down, and the 1333 test on Thursday also encompassed a test of 1327 which is a potentially significant Fibonacci price extension. Similarly, 1307 is the Fibonacci .78.6% retrace to SPX's 1370 high of last year, making 1307 a level to watch as well.
Here's the McClellan chart I've configured (at Stockcharts.com) with my markings. The McClellan Oscillator continues to struggle showing negative divergence, and the Summation Index (while high which is generally positive) is now in overbought territory:
And here's the Oscillator chart McClellan shows at their own website, at http://www.mcoscillator.com/market_breadth_data/:
Now, here's a quote from McClellan's January 27 "Traders Like QQQ A Little Too Much - Free Weekly Technical Analysis Chart - McClellan Financial", about the Nasdaq 100 ETF, the QQQ, getting ripe for a pullback:
Some sentiment indicators work by analyzing what people say, such as polls and sentiment surveys. Others work by analyzing what people actually do, and I tend to like those more.
The current number of [QQQ] shares outstanding is not at an all time high, but it is the highest we have seen since all the way back in 2006. And it is way above the upper 50-1 Bollinger Band, indicating that traders and investors are getting a little bit too interested in being invested in the QQQ. That overly bullish sentiment condition begs for at least a short term pullback, to reintroduce people to the idea that stock prices actually CAN go down.....