NEW YORK ( TheGoldAndOilGuy.com) -- The past five to six weeks have seen equity prices move considerably higher amid growing concerns regarding the European debt crisis, the instability of the Middle East, and ultimately the potential for a major economic slowdown in the United States.U.S. equity indexes have continued to climb the proverbial "Wall of Worry" since the first week of June and have put on an incredible run. This past Friday saw the S&P 500 post the highest weekly close of 2012. The perma-bears have been calling for a top and continue to run scared as light volume and volatility have given the bulls an edge during August. The next key overhead resistance level for the S&P 500 to hurdle is the 1,440 resistance zone lingering slightly overhead. I try to refrain from calling tops or bottoms as I feel its a fool's game that ultimately humbles most market prognosticators. If calling tops and bottoms was easy, investors and traders alike would be able to produce monster gains all the time with uncanny precision. Instead of trying to predict where the S&P 500 Index will find resistance or create an intermediate to longer-term top, I will simply posit some technical and macro-economic data that indicates we are likely closing in on a major top. As stated above, the recent rally we have seen has taken place on relatively light volume and plunging volatility as measured by the Volatility Index, or VIX.