When defensive stocks and energy stocks lead the market, like now (but also with financial stocks thanks to the fed. Normally, it would be bullish for financial stocks to lead) the final top is close.
However, this can also be a time of big rallies into the final top, so going margin short is not smart.
bottom line: Bulls still in control, but for how long? If you are long, keep tight stops is my thought. I prefer to wait for the next sell signal. Will short a little at spx 1530 if we get that high on monday.
Fundamentals are getting worse, but not horrible yet. When you see auto sales starting to tank, stop being long and start shorting every rally.