On Friday, dip buyers kept the trend alive despite Thursday's hard late-day sell off. The S&P closed the week above its breakout, so double-top watch is now off the table and false breakout watch is on the table.
The tech sector is way overbought and is vulnerable for a sharper correction.
The market is getting tricky to navigate after so many weeks in a row without a serious pull back. We would focus primarily on the hot sectors (China, Shipping, Oil, Gold, Metals) and avoid everything else for now.
Oh, and keep tight trailing stops. It's the right thing to do.
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