Editor's Note:

Both the S&P 500 index and the Dow Jones Industrial Average are only about 1% from new all-time highs.

The markets face a risk of rolling over beneath these highs just ahead of the seasonal "sell in May" trend.

There is a chance the rally continues thanks to high-profile earnings news from the likes of Apple (AAPL) and Facebook (FB) tonight. If the big cap indices to close at new highs it could spark a new round of short covering.

At such a pivotal spot for the U.S. market we do not want to rush into new trades. We are not adding any new candidates tonight.