Air pocket ahead. Very OB

Can we go 3 for 3 on peaks?
Yes we can. I'm as OB as 6-19-12 where we dropped 54 spx points in days.
3-19-12 where we dropped 28 spx points in days.
Volume total is OB,Volume % is OB, my spread sheet counts are OB.
We have a 144TDL due Thursday that could be an inverted high. My number breaking is spx 1369.17 and S1 is 1366.76.
Alas the target maybe only 1340.

Key Reports and Events:

Tue - Jul 03 - 10:00 - Factory Orders
Tue - Jul 03 - 14:00 - Auto/Truck Sales
Thu - Jul 05 - 07:00 - MBA Mortgage Index
Thu - Jul 05 - 07:30 - Challenger Job Cuts
Thu - Jul 05 - 10:00 – European Central Bank Policy Statement
Thu - Jul 05 - 08:15 - ADP Employment
Thu - Jul 05 - 08:30 - Initial Claims
Thu - Jul 05 - 10:00 - ISM Services
Thu - Jul 05 - 11:00 - Oil Inventories
Fri - Jul 06 - 08:30 - Employment Report

Volume suggests its close to over.

Volume looks peak or close.
Being a holiday week we could get very volatile . The vix is as low as the last peak or a good time to get short.
I'm not calling this an oversold rally but a momentum rally. We were OS at 2:30 Thursday once the momentum kicked in the HFT computers kicked in, short covering kicked in so the rally was feed by cash and momentum kept the rally going into Friday OB close.
I just hope we get a short setup Monday intraday.
This rally could be history.
Jerry O