SPY Channelling Higher Even When Seriously Overbought

Based on the Weekly Pitchfork, SPY trending nicely in the channel. If SPY doesn't don't drop 1% on 1/12, looks like we go higher even with RSI so overbought. And looks like a major external event will be needed to stop the party.

I am Neutral since when/if we get the news, I believe the air will fly out of the market for a reset of the technicals before we can go higher. I am counting in that to happen with cash on the sidelines ready to go to work.