Look at the SPY weekly chart. Very clear expansion of volume on the decline. This market isn't healthy. IMO it may bounce a little here and there, but the trend is down. Daily charts may be oversold , but weekly and especialy monthly charts look very toppy.
Also if you look at the SPY Volume, starting at the bottom of the last year, it has increased dramaticaly. I think its very releavant, since this whole rally IMO was mostly ETF driven. People didn't buy single stocks, but bought ETF's instead. Its clearly seen on monthly charts.
From fundamentals point of view I frankly just can't see the see why multiples would be expanding, if growth rates are contracting.
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