One of two things will happen once the rises above 70 in the 60min charts: 1) We're likely to see a consolidation which will stifle and throttle back any further upside for a while. 2) Markets will reverse as holders realize that all the buyers are in and if they don't lock in profits then they are putting those profits at risk.
On the of all indexes, it is very likely that the RSI's will also rise above 70 and this too indicates an extreme overbought situation which is also a dangerous situation.
Clues to watch for at the open are $TRIN readings below 0.50 and $TICK readings over +1000 and maybe as high as +1500. These kinds of readings will come partly from shorts who are forced to cover and other organic buying but this is froth and is generally not sustainable.
In other words, be careful in trying to chase the market higher. It may come back at you hard.
All IMHO, and I could be totally wrong and markets head to the moon in an extended Santa Claus rally.