The last 3 days have created an interesting setup. Thursday SPY made a new 50-day closing high. Friday SPY posted an inside day. And then Monday was another 50-day closing high. This has only happened 16 other times since 1999. Below is a list of all the instances along with their performance the next day.
Risk/reward here heavily favors the short side. The average drawdown is nearly 4 times the size the average run-up. Also notable is that every instance saw drawdown of at least 0.35% the next day, but only 1 of the 16 instances saw run-up of at least 0.35%. Futures are up 2.5 points right now about an hour before the open, but there may be some headwinds based on this pattern.