The bulls can still continue to push the market higher, but it will have to overcome the market weakness in six of the last nine weeks.  

The headlines risk is crazy! Let's just get that out of the way. I've been caught with my pants down, and I don't mean figuratively...I literally mean literally. I swear the Trump Tweets come at the worst possible time! 

Nonetheless, the market still hovers 1.5% below all time highs about, and it wouldn't take much for the bulls to push right through. 

Information received since the Federal Open Market Committee met in July indicates that the labor market remains strong and that economic activity has been rising at a moderate rate. Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although household spending has been rising at a strong pace, business fixed investment and exports have weakened. On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.

Coming out of the August consolidation has created a very bullish environment for stocks.  

While I had hoped the market would ultimately break lower and through the August consolidation, it chose (not surprisingly), to break higher and now we are sitting right below all-time highs on SPX. 

Now, the norm of late has been  to squat right there, and provide the market with nominal new highs before eventually pushing much lower. See May and August for examples of what I'm talking about.