New Moon Top?

I don't actually think we're anywhere near a top with how bullish stocks are behaving, but it sure does look convenient being at significant resistance. Add in the fact the last 2 new moons have marked a short term top in the market and one really has an argument here but when stocks are going up there's no good reason to call a top just because the market seems overbought.

Everyone is also quick to point to a low VIX, but between 2005-2007 it spent a lot of time hanging out in the 10-11 range.  So a VIX at 13 can go lower. These sentiment indicators are only good to confirm and not a primary indicator. Price action is king and it's suggesting higher prices are in store for us.