Short term pull-back?

Last week, the SP500 rose above the important level of 1400, which open the door to the 1540 level for the coming weeks.
In Europe the DJ Euro Stoxx 50 failed to break above 3900.
So far, I estimate that a break through 3,900 is still likely but a failure to confirm such a breakout by the end of next week would force me to reassess this scenario.
On a long term basis, I still believe that the current move is only a bear market rally and is probably not the start of a new secular bull trend.
On a short term basis the market is moving into an increasingly overbought position. (see chart below)
That could suggest that a short-term pullback may occur over the next one or two weeks but as long as we have the SP 500 above 1390 I don’t expect any major negative surprises.