Market is still stuck on resistance but selling has been weak. I am still biased to some trading top there, though recognize that the first drop off highs likely to be shallow, followed by a high test of sorts.

So far indexes are maintaining recent gains quite well. Keep in mind that the combinations of RSIs overbought across the board on quarterly, monthly, weekly and daily charts, along with Bollinger band overshoots on the weekly charts for SPY, DIA, IWM and VTI (all except QQQ notably), are historically quite rare.

HYG is something I've watched as risk-off indicator for many years, and recently started to mention more in the Safe havens posts on the blog. It closed just on its Q4P. If markets are going to put in a decent top here, HYG will be definitely under this level.

SPY weekly, SPY daily with pivots, and HYG below.