Update

The little bull pennant from last night has morphed into a bull flag. So again I am looking for a jump at the opening out of the flag and short term run up. The bull flag has a target of about 110. I still believe 108.16 will be the max...but if that is broken in a significant way then we are looking at the 62% retrace at 118.09.
The BPSPX is considered over bought if its over 70. Well its been over 70 since late July. My hybrid indicator BPSPX:CPC has very well defined wedge as compared to the regular BPSPX.

From StockCharts:
The Bullish Percent Index (BPI) is a popular market breadth indicator that is calculated by dividing the number of stocks in a given group (an exchange, an industry, etc.) that are currently trading with Point and Figure buy signals, by the total number of stocks in that group. Bullish Percent levels that are above 70% are considered overbought, whereas levels below 30% are considered oversold. Strong buy signals occur when the Bullish Percent Index falls below 30% and then reverses up by at least 6%. Conversely, promising sell signals occur when it goes above 70%, and then reverses down by at least 6%.