The major indices - $SPX, $NDX, $DJX, and $RUT - are all at new all-time intraday and closing highs now. Clearly, this market has momentum.

We have to remember that markets look the best at their high and the worst at their low. The market is overbought, but overbought doesn't mean "sell".

 Both 200-day and 50-day moving averages are rising. Uptrend continues for now.

At issue now is whether we are witnessing another mild, one-off dip or, instead, the beginning of a larger market correction.

In summary, the market is overbought and getting more so almost every day.

Over the past three days, SP-500 finally managed to break out to new all-time closing and intraday highs. Thus, the SP-500 chart is bullish, as there is no classical resistance -- by definition -- when it is at all-time highs.