Editor's Note:

The S&P 500 index is only about 20 points from a new all-time high.

Will better than expected earnings results from Apple (AAPL) and Facebook (FB) helped lift the market to a new high?

The market is at risk of rolling over beneath resistance but a breakout to new highs could spark a whole 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.

I would keep my eye on some of the defense names like BA, GD, NOC, and RTN. We might see a new entry point in this group soon but not yet.

Shares of Tyler Technologies (TYL) also caught my eye as a potential bearish candidate with its failed rally near resistance today. Unfortunately earnings were tonight so we should see how the stock reacts tomorrow before considering any positions.