For many years now, quantitative easing and share buybacks have helped propel the US equity market forward at a much greater pace than earnings growth (when or if it has grown at all). Equity market technicals are looking weak, with successive indicators pointing to the fact that only a few companies are really pulling this market higher. Unless more companies start performing in a more bullish manner, we may be approaching a market top. Now, this years-long bull market may be entering its final stage.
The stages of a bull market and historic market tops: http://www.marketwatch.com/story/stock-market-enters-final-bull-market-stage-2015-11-16
