I haven’t said anything about the S&P in ages because nothing interesting has happened. SPY is still within its rising wedge. It has found consistent resistance around 2100, but has also continued to find support at its rising trendline. This picture remains bearish in my opinion, but a decisive break above 2100 would suggest that the rally has another leg higher. A breakdown here could lead to a waterfall.
I do remain of the belief that this market is a house of cards. It is a confidence ponzi built on hype and hope. That realization may be very slow in dawning on the majority, but when the realization occurs, I don’t think the exit doors will be wide enough to allow for a tidy exit. I expect a waterfall, and the question will be how much buying power and influence the central banks can assert to sustain the ponzi that they have built.