Futures appear to have consolidated overnight. This keeps pressure on the bears, and leaves two levels that must be broken if any kind of deeper pullback is to materialize: 1498.49 and 1495.02 respectively.
A triangle appears to be forming that should lead to what could then be the last upthrust of the rally from the November lows before a meaningful correction. I still see divergence on nearly every time frame, but I also see the possibility for the market to correct -- even as much as 100 S&P points -- and then head to another high. That high would have me looking for the end of the entire rally from 2009.
If there is a triangle in store near-term, today could see a test of the upper boundary around 1511. Not sure how deep a retracement would be, but I would look to buy any dip. There is still a Fibonacci extension target at 1519.
This is just one scenario. Below 1495 would negate this and suggest more market histrionics.