I talked about quarterly and monthly closes at various points on long term charts last year, but daily close levels are also a tell.

The 12/13/2016 close was 227.76. Thus far the 1/6/2017 price high is 227.75. Not a coincidence!

Now I'm going to put an indicator called Average True Range on the lower panel. This is a measure of 2 day range that includes gaps (so not just intraday high to low). You will notice that this has been lower for only a few days of the last year or so. And those days were key highs in a range.

These are related concepts because as stocks settle into a range after a healthy move up, there will be selling at the highs of the range (often measured by closes). Also, more likely to have dull action, less volume, and lower ranges.

I have been bullish since election to December, and both times went under 100% long quickly took off hedges & shorts and back up to leverage long. (First reduction wrong and small loss, second reduction gain on both hedges and shorts). Leverage longs have made money as well. But due to what we're seeing above, taking gains and reducing exposure maybe the next best move.