In looking at the various sectors and the composite Schaeffer's put/call open interest ratios (SOIR) after the June expiration, it would lead me to believe that the breakout would be to the downside. There are only three sectors with a high SOIRs (airlines, semis & disk drives), meanwhile there are eleven with low SOIRs including deep complacency in retail, consumer, software and biotech).
When I look at all the optimism displayed in the SOIR readings combined with a CBOE Market Volatility Index at a level not seen since 1996, this tells me that the market could be extremely vulnerable. However, I can't help but go back to all the media coverage regarding the market's recent trading range and see it as a reason to believe that a change is on the horizon. When something gets this much attention, it is usually getting ready to come to an end.