Since the 1/28 market drop due to Egyptian protests the market has risen without hardly a pause. It has now been 2 weeks since the last time SPY closed above its 5-day moving average. The 5-day is quite short-term so this is a fairly rare occurence. The study below examines other instances where this has happened.
Such persistence doesn’t typically last much longer before a pullback is seen. We see above what appears to be a decent downside edge. It appears most of the downside damage is done in the first 2 days.