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. 
"The more power a government has the more it can act arbitrarily according to the whims and desires of the elite, and the more it will make war on others and murder its foreign and domestic subjects. Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, to justify the beginning of murder en masse."
R. J. Rummel, Mass Murder and Genocide, 1994