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The SPX, NDX, and DOW closed in nwe all-time highs on Wednesday. The RUT was also up, but lagging.

There is no “resistance” above current levels except for the RUT and its April high.

The indices are getting more and more extended on a short-term basis and should soon become more two-sided, but the fact that the SPX, NDX and DOW have again all closed in new all time highs, along with the techinical data, suggests that any short-term top is just that – short term and that a top of real significance is likely at least months into the future.

The indices are makning higher highs and higher lows in all time frames. Immedaite downside levels are highlighted on the charts below.

Market internals, specifically NYSE data and the moving averages of NYSE advancing issues support the idea that any top is likely to be relatively shallow and ultimately lead to more higher highs.

VIX is approaching yearly lows but can flat-line near current levels for long periods of time.