While I am happy to see the S&P portion of my portfolio reach fresh highs every other day, I have to proceed with caution given the way the market been behaving as of late. Yesterday's failed outside reversal was a major bearish cue, and the technical argument against continued S&P rally is sound. From the weekly, to the daily, to the hourly, we see confluence in the price arrival at the 2x fib extension of 2008's high and 2009's low (bubble & bubble burst, respectively), an ending diagonal formation, MACD divergence, and finally the aforementioned potential outside reversal (or bearish engulfing candle, for lack of a better term). With the Dow posting steady gains (up 1.2% this week, compared to the S&P's .2% loss), investor's search for yield and potential profit-taking may trigger a decline in the S&P sometime in the coming month(s). While I am cautious of the S&P's health, I am not advocating anyone short the market but rather proceed with caution while buying FANG and related stocks.