Momentum is slowing down at highs. I would be surprised if the spx can get over 2500. Looking back since the start of the current bull market, 2009-2016 August has been the worse month to be long the spx. http://stockcharts.com/freecharts/seasonality.php?symbol=%24SPX
I believe the FED has run out of bullets, they have to raise rates or they will lose any little bit of credibility they have left. Rates made an all time high in dec 1980 where they went into a down trend until the fed started raising them again in dec 2015 at exactly 35 years. I could be wrong where rates continue to go down.
Look at the dollar, it´s been in a down trend since 1920 vs the chf. Plus, the dollar has sunk since the inception of the FED. Dollar has been in a 100 year down trend. Eventually it will turn around.
I believe a huge dollar rally could still be on the table. I could be wrong, cause this is all an educated guess.