Well they are 'turning points' in direction so the theory goes. So with the SPX hitting new rally highs the 'expectation' would be for a reversal down of some magnitude nearby in time. Technically price has broken up over the May/11 bull market high which is bullish. The acid test now for proof is a test of the breakout point at 1370 to prove it is now support. If that holds up all is well with the equity world. If it fails to hold at the breakout pt I would suspect a selloff. Historically every year has about an 8% selloff regardless of anything. So one can expect some downside at some point. Right now the SPX is bullish until it breaks down. Unfortunately for those long, with no more uptick rule on short selling and over 70% of all trading done by High Frequency traders and much of the balance by the wheeler dealer big traders of the world you can wake up one morning to 'shock and awe" very easily nowadays. EX: May 2010 Flash Crash. That one bounced back about 2/3 of its plunge,but there is no guarantee the next one will so quickly, if at all.