US30 Hitting a Wall?

Been watching $US30 for a while, and it's certainly had a decent run. However, I'm starting to eye that 54,000 level with a bit of suspicion. We poked our head just under it today, touching 53969.36, which is good for the bulls, but the overall conviction isn't screaming 'breakout' to me just yet.

I'm seeing a potential ceiling forming around there, maybe a bit of exhaustion after the recent upward trend. If we fail to establish a solid footing above 54,000 in the coming sessions, and perhaps even dip back below 53,700 (today's open was around 53731.96, so a return there would be telling), I'd be looking at a probable short-term pullback. My initial gut feeling is that failure to clear 54,000 decisively would invalidate the immediate bullish continuation scenario for me. Of course, markets can do what they like, and if we suddenly surge through with high volume, I'll be happy to eat my hat – or at least acknowledge my bias.