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.
"Then the kings of the earth, the nobles, and the military commanders, the rich and the powerful, and all the rest who served them hid in caves and sheltered among the rocks of the mountains. And they implored the mountains and the rocks, 'Fall on us and hide us from the face of the one who sits on the throne, and from the wrath of the Lamb. For the great day of his wrath has come, and who then will be able to stand?”
Revelation 6:15-17