While the stock market be vulnerable in the next few days to an overbought pull back, Friday's expiration will be interesting. Goldman Sachs in a report this morning notes:
"Again, we need to pay close attention to price action into Friday's quarterly options/futures expiry. as per recent CFTC data, there's still a major amount of index shorts via futures. with over 1/2 of S&P emini open interest still in Sept - and the market now bid - what's left to expire could drive an up print."