We are now technically overbought on SPY and oversold on the VIX and TLT. Its been a while since we have seen these threshold levels and although we may see additional gains next week they are expected to be minimal and short term.
The VIX is now at 14, a level that few predicted only 2 weeks ago but the DMI+ has yet to turn up. When the DMI + and - do cross its likely to be a strong and sustained move.
If this rally is to go forward QQQ and XLF would be the typical leaders. Instead, its been the DOW (DIA) and the Russell (IWM) that have been the movers. Past history patterns demonstrate that when IWM reverses it tends to do so with a vengeance...much more so than either SPY or QQQ, so there's that to consider.