However, somehow the market knows it's arriving to a historic top, and after calculating the Fibonacci level from the time it hit the previous all time high in July 2011, it is close to the 1.618 Level, where a hiccup can turn into a major correction. At those levels we can expect a retracement initially to the 1800 level, and probably a lot of swings within that range.
The VIX is doing a (on the average ) that can anytime easily jump just like it did last October. If this breaks out to the upside, I don't want to imagine how highly emotional and bloody the market will be. I want to believe that the Feds and the big boys have already forecasted this scenario and even though this fall from the 1.618 level is more than unavoidable at least they are preparing the parachute so the fall will be more like a choppy fall rather than a free fall, but this is just wishful thinking. Media will have to find a lot more excuses than Ebola, Ukraine or Isis to justify why the market did a retracement (they always find something assuming the market doesn't have memory).
Don't forget that 2016 will be a presidential election year, and I don't know if the people who control the economy are playing to hold this as much as possible to avoid the bubble burst before the elections, pretty much what happened to Bush.