I had to laugh this week when Obama and Boehner both came out and said the US doesn't currently have a Debt Problem. The chart below is the Annual US Debt by Year going back to 1950. Since 2000 the National Debt has been increasing around 8% a year so if this trend were to continue through 2020 by the end of that year the National Debt would be near 30 Trillion. I don't think the US can keep piling on additional Debt at the rate of 8% per year without major consequences developing.
As far as the market so far the S&P 500 hasn't reached its all time high of 1576 but one would think it will before a major top occurs. If it does exceed the 1576 level that would set the stage for a large Broadening Top pattern similar to what occurred back in the early 1970's.
The Dow has already met the requirements for a Broadening Top pattern as it has made a new all time high. However it still could get close to the 15000 level before the pattern completes.
Market Data 
Markets 
