Two charts, two perspectives

The first chart is a 10 min. of the S&P; where the momentum is intact and behaving well.  The market is performing in an uptrend in spite of looming European debt problems.  The consolidation was very tight today, which one could assume has to do with the looming decision over the Greek bailout.  One could also make a case that the market is overbought at these levels and needs to pause or have a pullback, however, market sentiment is very strong right now and most money managers are expected to buy any sort of dips which may occur.
                                                                                                  click chart to view

This second chart is the S&P daily showing the main resistance levels overhead from 8-12 months ago.  You can see that price action has risen strongly and away from all the moving averages.  Also the stochastics and other indicators show an overbought scenario.  It is important to keep both a longer term perspective as well as a short term when observing the broad market and individual stocks.  At this point in the market many traders will tighten up their stops, sell partial positions or underperforming stocks into strength and/or wait for a correction for more opportunity.

             click chart to view