The first day of May is seasonally strong. According to SentimenTrader.com May 1 has been positive 12 of the past 17 years and the losses were small on the losing years. The market is still very short term overbought until the end of the day,but we would get a much better reading if we rallied into the end of the week or early next week.
I believe the most likely outcome is that the market manages to claw its way higher in the coming days. Sentiment has room to improve and there does not seem to be much in the way of news to stop the upward momentum.