Market exhausted?

Starting to look that way....Starting a swing trade position short EWZ, which is trading at 51 as of this posting.  Have a few of the June 48 PUTS , half to start as usual.  I wanted to wait until after the stressless tests as well as to get a look at the price action before totally committing to the trade.  She still can bump up to 52.50 .  I think if the market fails to close above 925 a pullback is in order.  We'll see how much exurberance is left out there.  With earnings and the drama surrounding the results the 'STRESS no one will fail' tests, I could certainly see how the bulls might be emotionally drained. 

Edit: Original post said the 47 strike, its the 48 strike... Sorry or any confusion.