Something I have not spoke about much in a while are model profiles on the indices on shorter time frames. On a daily time frame, there have been a number of instances where key support levels that would trigger a short signal were met with a sharp reaction, indicative of a short squeeze.
Whether it was news induced or something else is unclear. As an example, the Dow had triggered short a few days prior to the ECB announcement and the SPX was dancing on the edge. At one point closing just 22 cents above the trigger. And then the very next day, news of what the ECB would announce was leaked and markets rallied. On no momentum markets rallied hard and here we are. Currently at an overbought level without the momentum needed to sustain.