This looks like it's hitting the upper band of where i would want to own it (this first one is an ETF that tracks the main investment grade corporate bond index).
As for the S&P, i think it looks like we're approaching a big area. A nice round # of 950 or (even more important) 1,000 could be big areas of resistance. (this chart is of the ETF that tracks the S&P 500).
In general, I think the current market is a bit too optimistic about the recovery and S&P 500 earnings are no where near where they need to be in order to justify these levels. But I've been wrong before and I'm sure I'll be wrong again.