The S&P 500 is now solidly above 5,000. Stocks have shrugged off "bad" data like higher inflation numbers & disappointing retail sales -- nothing at the moment seems able to dampen Wall Street's euphoria. And little surprise, retail investors are now piling into the markets, eager not to miss the party.

These are classic late-stage signs of a topping market.

Portfolio manager Lance Roberts calculates that a pullback is now highly likely, though he warns he would not be surprised if the S&P ran up another 100 points from here before it arrives. Animal spirits (i.e., investor emotions) are now fully in the driver's seat.

He also shares the many worrisome price and technical divergences he's now seeing that add validation to an impending correction.

And as usual, he shares the trades his firm has made this week.

For everything that mattered to markets this week, watch this video.

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