I'm not saying that this is the start of a bear trend or that this is going to cause any kind of doom; the markets have just made new highs and are testing how far up things can go.
That being said, there are signs of some sentiment reversal up at the top of this range. I think that this is a very good place to at least reduce one's market exposure and lock in some of the gains. I'm looking to see around a 25% drop down to the ~1100 level, though we might find support as high as $1337.
TL; DR things are looking a bit too much like x^2 and I'd like to reduce my exposure until things look a bit more like x.