We may soon get a buying opportunity

The number of stocks above their 50 day moving average has gone above 70% and the number of stocks above 200 day moving average is above 60%. These values indicate that the market, on a short term basis, is overbought. 

So at this point it is not a good idea to add more money to stocks. Wait for these values to come down before adding new money to stocks.

These indicators do not give an exact day when the market becomes overbought and will turn around. However these indicators do tell us to wait and watch till we get an opportunity to add new money to stocks. All this is short term, so any action should happen in days or weeks.

Long term the market is still in an uptrend.