typical placebo effect..
Its time you stop questioning how and why things are they way they are. You're just wasting your own time.
Historically it mostly happens in the summer, and we are at the end of it and are coming towards the most productive months in the business cycle which will have a positive impact in the economy and that is why we wouldn't need another addition of qe for the market to go higher til end of the year. When the market is stable and there are no black swan events the market will move based on seasonality. However the most important catalyst from the fed is the low interest rate til 2014, because that is what affects all forms of investments. This is the fundamental explanation. Remember, even though the technicals appear to be overbought it can stay over bought. Also technicals are a reflection of the fundamentals after the fact. If the fundamentals are screaming for a higher market the technicals will follow. I'm just stating the obvious which is long term the market should move higher and re-test the all time highs,and money is to be made by following the trend. In the near term there is no catalyst for a correction, but a pullback is possible and you should be ready to buy it. Just my .02 cents.