S&P 500, SPY Set to Hurdle Highs

With the SPY's about 0.25 from a new high, and the pattern of higher pullback lows very much intact, is there any reason why we should NOT expect the SPY to hurdle 139.14 in the upcoming hours? At this juncture, only a decline that breaks Friday's low at 137.72 will trigger very preliminary signals that the bulls are exhausted (on a micro trading basis), while a break below the pre-election low of 136.20 is needed to trigger more meaningful negative signals. Otherwise, a sustained hurdle of 139.14 will project towards 140.00/20 next.