In my view, the S&P 500 is quite close to a top in this bullish overbought market. It is my estimate that by the 1st or 2nd week of March we should see downward momentum begin.
The market seems to be determined to reach the 78.6% Fib level. At this point it should encounter tremendous resistance, if my hypothesis is correct.
Further evidence that a top is at hand is the extreme level of bullishness that now pervades in the market as the following chart shows: