The bulls accomplished their task this week of pushing the S&P 500 index back to "all-time" highs.

"The S&P 500 set a new record high this week for the first time since Feb. 19, surging an eye-popping 51% from its March 23 closing low of 2,237 to a closing high of 3,389 on Tuesday. This represents the shortest bear market and third fastest bear-market recovery ever." – Yahoo

As we discuss in more detail in this week's #MacroView, the claim is a bit of faulty as March was not a bear market, but only a correction in the ongoing bull trend.

Nonetheless, in "Close, But No Cigar," we suspected "new highs" were likely:

"With options expiring next week, the bulls are going to attempt to push markets up. A breakout to all-time highs is entirely possible. However, the question is whether they will be able to maintain it?"

The question of maintaining record highs is going to be the challenge over the next few weeks. Historically, the months prior to an election tend to be volatile, but with the market very overbought there is a risk of a normal correction.

"With the markets overbought on several measures, there is a downside risk heading into the end of the month. These risks come from several fronts we will discuss momentarily. However, from a technical perspective, the downside risk is about 5.6% to the 50-dma and 9.4% to the 200-dma.