S&P500 in 'retest' mode of the 1687 Highs

S&P500 Daily Close @ 07/08/2013

Above the 50day SMA; the previously broken 'up- trend' line & most importantly the 61.8% retrace @ 1639.......a full blown assault on the 1687 High should be underway.
After that; success of otherwise gets interesting.
The German DAX (above) does NOT appear in quite the same ebullient mood as the S&P500?
It demands our attention as to where/ what lies ahead with normalizing yield curves globally affecting equity valuations in a more meaningful way.