The rally is looking a bit toppy but its not dead yet.
Watch the changing slopes of the support and resistance channels. If they keep rolling over and the SP breaks that key support at 740 it could be a real sleigh ride lower back down to 700.
The VIX was elevated all day, even at the high, so there is your 'tell' in addition to the shift in the trend channel to a softer slope.
Chances are they dump the market overnight if that is what is going to happen. But until there is a break through 740 this is just a pullback. We'll have to consult with other short term indicators to see if this is a top, or just a bear trap pullback.
“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception