The current market is really overbought, but actually trading overbought or oversold market without confirmation is a really looking for trouble.
I wonder what is the particular reason, which holds the price so high and so long. According to my EW count there are five impulse waves already completed. Gann's calculations showed me Mar 26 2010 as a mid top. Full moon cycle (Mar 28 2010) freaking all, passed away. What left? Maybe the extreme and naked optimism. But as we know the market needs pure cash, not optimism. Yesterdays volume was only 0.9m, which is peanuts money. What left? - only optimism.
As we know, every movement in the market is the result of a natural low and a cause, which exists long before the effect takes place, and can be determined days, weeks, months and years in advance. The future is a repetition of the past. Every move is a result of action and reaction. There is nothing new under the sun.
Again, the market never likes to make the things easy for anyone.
Probably today will be the reversal day for correction (reaction), keeping the price 1180.69, made in Mar 25 2010 as a mid top.