Reaching Overbought Levels

The market gapped up and rallied nicely, gaining nearly 1% on most major indices, small caps were even up >2% intraday. In the afternoon, there finally came a pullback, and maybe the close was a bit to weak to call this a good day for the bulls...

Those bulls better be careful now, because we're approaching overbought levels. McClellan-indicators are reaching levels where most rallies stall or are faded. This can resolve itself in two ways: or we pull back, or price will go sideways for several days.

5m-chart SPY:

Daily charts DIA, SPY, QQQ and IWM:

Euro, oil, metals
Gold and silver didn't get any love today, but copper did, up around 1% and so was oil.
The euro also gained nearly 1%, overcoming 1.27 and closing in on yesterday's pre-market high. But it couldn't hold the 1.27 just yet.