Two possibilities for the S&P 500 SPY

This chart shows the S&P 500 SPY ETF and I've outlined two simple possibilities that I am watching for.

Option 1 - We are going to slowly grind down, weekly, until the end of the year. With volatility coming back in spurts.

Option 2 - YOLO! There is too much free money, the Fed will support it, it's a rocket ship as speculators take over and the Fed continues to keep rates at 0%.

I lean toward option 1 being the more likely outcome, but this market has shown that there is plenty of cash on the sidelines to go around.