A Quick Check Up On The S&P
I've provided below a quick snapshot of the hourly chart of the S&P for the month of December, and as you can see, we are trading in a very nice channel, and of late, we are magnetized to that bottom trendline. This isn't overly concerning to me, due to the lack of major, large-scale rallies, like we saw earlier in the month. A break or significant sell-off that takes up below this trendline though, may be good reason to start tightening the stop-losses on your positions or even take some positions off the table to lessen your exposure.
Despite how good things are going in the markets right now, you always have to be looking at the other side of the coin, because sooner or later, it shows its face, and you want to be ready, from a risk-management standpoint in how you are going to be getting out of longs, and secondly how you'll be profiting in the process by shorting those stocks that look to lead the way down.
Here's the S&P Hourly Chart.