SPY weekly chart

Courtesy of eSignal

There are 4 windows in this chart:
1-price chart - blue is bullish and red is bearish
2-macd - circles added at crossovers
3-ADX - horizontal lines were added
4-short term indicator - vertical lines were added

Summary:
In the current week, so far, there is a bearish bias, but, no sell signal yet.
The price bars are still blue and still above the blue trend line.
The macd is still bullish & waiting for the histogram to flatten out and turn down.
The ADX is narrow and indicates a trend less market.  When the red line is above the blue line a red horizontal line was drawn and when the blue line is above the red line a green horizontal line was drawn.
The short term indicator is over bought and so the vertical line is currently red.
The bar chart indicates that an Elliott Impulse Wave is or maybe complete.  Since an EW is not complete until it is history, each time the market makes a nominal new high the EW count gets redrawn.

If we are not at a high we maybe close to a high. When the market does decide that it is tired and it wants to take a rest, you should see more evidence.  Right now only a caution light appears to be flashing.

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