The S&P and Dow Jones are nearing all time highs, but they are (for now) irrelevant.
The true risk in this market has been in tech and small cap stocks, simply because there were a ton of players that chased them and used margin to do it.
After an ugly quarter, the Nasdaq 100 is coming into a key level. If it breaks it signals a renewed appetite for tech stocks and risk in general.
3615 is the level to watch. It also roughly coincides with the declining 50 day moving average. If this level is breached, the previous pivot high at 3675 will act as a magnet.
The other side to this is... if we see a breakout failure and a move back to the other end of our range, the technical damage to the market will continue and there will be higher evidence of a market top.