At this point, the bearish case doesn't have many proponents supporting it. For me, I just go where the price takes me and right now, it isn't taking me lower, as a result, I am trading long. 

Today is fairly significant for the bulls and if it can hold the current price gains into the close because 1) 2111 - the April highs were taken out, and 2) 2116 - the November 2015 highs were taken out. But of course this is contingent on price holding above these levels on SPX into the close. 

Nonetheless, right now, finding quality short setups are far and few between. The ones listed below aren't horrible, but they come with some baggage. The patterns aren't very clean because of the recent bullishness of the market over the past couple of weeks, and the list itself is rather short too. 

The approach to shorting this market still holds from last week. If the market starts to retract some, consider adding some short positions to hedge existing gains on long positions. But wait for the market to change its character, for the bears to change the market's current trajectory before deciding it is time to get net short. 

Here's my current short watch-list: