Will this week bring a downward trading direction? I do not know the answer to this but earnings will tell the story.
A few thoughts on lower indicators: When in over extended trading environments such as the one we are in now, one must realize most lower indicators signals should be taken with a grain of salt because of their wound out level behavior. They normally will indicate overbought and oversold conditions, in the above conditions they really mean nothing, so if you are using a rule based trading system which derives buy and sell signals from say, stochastics, you would have missed out on this whole rally because because the indicators have been indicating overbought conditions for 5 weeks. I am willing to bet most people have a sell signal set for anything above 80 or so on the slow stoch, if that is the case you sold a long time ago.