The SP is reaching a high note here. It is an attempt, in my judgement, to pump up financial assets, led by price manipulation and not any economic fundamentals or legitimate price discovery. It might go higher, but higher from here it looks like bubble territory, if we are not there already.
Overdue for a fairly stiff correction, but do not get in front of it for the sake of your portfolio. I would not underestimate the Fed's willingness to create a new bubble to attempt to counteract the effects of the last two. What else can they do given the hole into which they have dug themselves? It will take a serious financial reform and economic restructuring effort to correct this. Until then the looting continues. 
"You are the very cause of your ignorance, yourselves. You put away the light, yourselves; you first pluck out both your own eyes, yourselves; and after that other men’s too, so that the blind may lead the blind, until you both fall into the pit.”
Thomas More, The Sadness of Christ (Gethsemane), Tower of London, 1535