Purely from a technical point of view, its ascent is beginning to look a bit like the parabolic move that Bitcoin (BTC/USD) began to make in early 2017 and peaked by the end of that year (weekly chart below).
Granted, the SPX is quite a different market instrument than Bitcoin and is much more stable, but I simply thought I'd show a comparison of these two charts, on a purely technical basis, for your information. What you do with that is up to you.
One thing I would point out is that the Momentum indicator (MOM) on the SPX is not corroborating the series of new swing highs that price has made since the beginning of 2018. That's in line with what I reported in my post of June 29, wherein I described what market gauges I'd be monitoring as price, potentially, approaches 3047. My observations and conclusions remain unchanged.
Bottom line...trade with caution in the coming days/weeks.
