We are now in the second longest rally without a 5% drop since 1928, according to one article I read. I have numbers back to 1986, and this is the second longest since Dec 9 1994 to Dec 1995. BAck then, the fed was aggressively lowering rates and the economy was booming.
ISEE option numbers are screaming sell, vix numbers on cboe screaming sell. My gut is we go sideways into end of this week, but could start dropping after fed tomorrow.