The weekly chart of the SP500 shows the market is very near the 320SMA, which typically acts as resistance.
At the moment I am a bull for many reasons, especially with great earnings coming in. I fully expect the names I am currently in to move higher. But the market is near a level that merits some caution, for the short term.
If there is a slight pull back, I will cover the protection I recently purchased, (the 124 May SPY puts) and re-enter them after the earnings season.
At the moment, protection seems like a good idea. But, instead of a big decline, there could be churn at these levels. Moving out of some hot places, and into laggers maintaining relative support for the market. (at least until earning stop coming in)