maybe so, but i have plotted the daily from dec 2015 to dec 2016, giving two points to full position long, 1 point to part long, then negative 1 for part short and negative 2 for full short, and the board was not very negative before the jan 2016 drop and has been negative consistently in this rally from feb 2016, and it has been only the last month or so which has seen a positive result based on this methodology. so i see this bullish condition as a definite fade.
It depends on the time-frame one trades... I think we could see an ST high/pause near ~2350, but the broad market is no where near an IT top.
From last night's update: ...the SPX daily with the slow momentum... showing that indeed the momentum peak has not yet occurred, and in fact, the indicator line broke to new highs and is not that very far from exceeding 2013 highs... please keep in mind, that the last time the momentum peak occurred, the SPX pushed upward another 500 points before finally hitting its price peak.
Link to SPX daily slow momentum chart: https://postimg.org/image/mjjbhdcd5/