While a strong case could be made for a move lower, there is also the possibility of one last push higher. The market is not yet maximum overbought and we have not yet seen the throw caution to the wind attitude of investors during the latest rally.
While the current setup probably warrants a slightly short posture, I am waiting for the fat pitch. If we get that last push higher, I will move to a short posture. I shoud do fine in a down market as I am long defensive stocks (healthcare, utilities) versus a short in the SPY.