Some say that "common sense" is gone and the "more" addiction is kicking in.
Take a look at this 10 month chart of the NYA Index. If you note labels 1 and 2, it shows a "double top" where the NYA Index was not able to move beyond that level.
And then ... a third attempt was made at the end of February with that failing to the downside. Inflowing Liquidity is very strong now, so a fourth attempt is very likely. What will be important is what happens after the next attempt.
This is a dangerous area because the market is looking for a quadruple upside breakout when earnings are having great difficulties. This is a time to be cautious and hedge anything you do.