SP 500 and NDX Futures Daily Charts - The Technical Fundamentals

This market feels heavier than it looks.

It is hard to judge 'sentiment' because the market is being almost totally dominated by a few institutions, a handful of very large trading desks, and a swirling crowd of HFT hit and run predators.

So given this concentration of power, the market can move in just about any direction that external events, or the lack thereof, may permit.

The 'fundamentals' are not in play, at least for now.  And so the markets may continue to diverge from the real economy, until they cannot.  And then the reckoning comes.

The Fed is absolutely NOT blameless in this exercise, as they were not blameless in the past.  They publicly denied there was a stock bubble, while discussing it in private. 

They just let it run its course without even taking the minimal actions which they possessed then as a regulator, which are much greater now.

Have a pleasant evening.