Market might go up into the fed meeting tomorrow, but the pattern is looking more and more toppy day by day. the 21dma is still rising, so one more rally after this correction is over (after a fall to between 1450 and 1500 is my guess) is a pretty sure thing, if the drop happens by early next week. A longer drop that last more than a week could set up another major rally to new highs, like in the 1990, 2000, and 2007 tops.
Cyprus by itself has not meaning, but this is going to scare a lot of people, and set up another financial crises in Europe sooner than anyone thinks is my best guess.
On the other hand, stocks keep going up until the economy starts to turn down, and that is not happening yet.
