Cycle analysis of SPY via the S&P 500 illustrates we could be heading for a pullback. The same chart as above but in the monthly time frame is even more convincing of this. If we do tag the trend line and hold, this likely meets the criteria for a monthly Elliot Wave 4 corrective wave targeting +/- 2165 sometime by mid-2015. May 1st, 2014 (Mayday) appears to be the date most closely corresponding with the end of the cycle. Now is a good time for caution, imo.