IMHO the FED will have to move in with heavy support in the coming months to support the US stock and bond markets, as it is probable foreign support will fade. Rising deficits at an increasing rate (government and trade) always lead to doom.
That's one hell of a doji candlestick there marking the S&P all time high. For those calling for a major market collapse right here right now would you expect a climax similar to 2000 or are you seeing this distribution and fading away of the peaks as a more gradual event?