Until stocks like Apple get priced in SPY is going higher its a simple fact that interest rates are low (low bond yields), everyone is still bearish and wishing for a correction. There's still too much cash and until that cash flow is interrupted SPY is going to go up. There's no bubble here, only thing people don't seem to get is that these are global companies that will make money regardless if people in the states make money. Until the music stops and even rich people have to use their savings then we're going up. Only things bears have is that we have Five green candles in a row on the monthly and we're due for a red month which may coincide with the election. SPY will come back to 300 until bulls overextend like bears did at 220. Nasdaq attracts, gets rotated into SPY, then drizzles to the smallcaps.