We see today that the E-mini S&P 500 futures have broken their 2018 upward supportive trendline. Granted we are only 30 days into the year, so its not like this line has been supporting this market for a year, but it is still significant.
The stock market is extremely strong, however, I say that the market is overbought (at least temporarily). You can see on the chart below that the E-Mini S&P 500 is outside the Keltner channels representing 3x the average true range on the daily chart. To me, this is very extreme, and sentiment may be too euphoric at this point.
The U.S. jobs report came out this morning and missed the projected number on the low side. However, bond prices declined and stocks rallied! The Nasdaq futures even hit an all-time high today before reversing lower ever so slightly. We are in a highly powerful bull market in U.S. stocks.