While the market is becoming overbought in the short term, it appears that a move back to resistance at the March and June lows will be seen before the rally loses steam. However, this process could take several more days.
The McClellan Oscillator has reached overbought levels, but the market can work its way higher as the Oscillator falls. Other measures have room to move such as the RSI, etc. So, although we may see a pause or down day, higher prices are still expected near term.