This run-up is simply a retest to the trend, before heading lower.
2 Primary reasons why:
1. The honeymoon phase with Trump will come to an end*; and,
2. The Fed will raise rates in December, adding headwinds to an overpriced market.
*The Dow reached a new high today, while the SP 500 was relatively flat and the NASDAQ dropped 0.8%. This difference underscores investors shift in focus after the election of Trump. Primarily, investors are shifting their portfolio to Industrials, Financials, and Bio-Techs which are perceived to outperform under Trump. Once this reallocation completes, most investors won't speculate until after the inauguration. In the meantime, the market's will work to reprice assets given the impending Fed rate increase and uncertainty surrounding the Trump victory.
Negatives - Everything about this debt fuelled bubble is telling me that there is a storm brewing and when it hits, it will be very bad. I don't need to list all the potential bombs waiting to go off. However the problem is one of timing i.e. 'when' will the storm hit. The SPX has had a very 'toppy' look for 2 years now but the irrational market keeps plugging away regardless of all the bad news.
Positives - Never underestimate the establishment and the amount of mindless money printing that can still occur. As above, regardless of all the bad news the market brushes itself off and drives forward. Looking at EW theory, there is an argument for one more wave higher (though by rules of EW theory this should go no more than ~2233). Also, there's not the euphoria that's usually associated with market tops.
All in all it's tricky to call and i'm personally torn between the two trains of thought.