As happened on 6/21/10, the $SPX showed a marked narrowing of the 15 minute Bollinger Bands before it vaulted above the high exponential trendlines this morning...Having not looked for this phenomenon until recently, I don't know how common it is, but it looks like something to watch for in the future...
Notice that the $SPX has also caught up with the 50 day moving average, which has helped define a couple of previous tops:
Oddly, I haven't found the $RUT to be 'up against' anything in terms of exponential trendlines, but the 20 day moving average (which is the core of the Bollinger Bands), is acting the same as the 50 day moving average on the $SPX, offering resistance and support, here and there:
I will wait one more day before going short. I want to see a good down day to confirm the trend change that looks likely now...
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