The flippant answer is "the market will tell us". Either we roll over on expanding volume, failing to set new highs or we have a spike up. That's how bull runs end.
For folks attempting to get a jump on the action, they had better be watching the US Dollar Index. When it turns up you'll have a fighting chance on the short side in equities. As usual, you pays your money and you takes your chances. Here's the buck via Afraid to Trade:
The 61.8% ‘closing’ Fibonacci grid retracement line rests at the $78 level, which provided support since last August as price flatlined at this level.
The $78 zone also provided resistance in December 2007, and according to the “Polarity Principle,” would have been expected to be a support level into the future....MORE