This is pure speculation on my part.
Most of the financial writers and commenters these days seem to agree that the primary force which has been raising the markets these past 6 years has been the Federal Reserve policies, promoting easy money forever.
Most of the world observers (not counting the opinions of the world's richest man, or men, because they just may be a bit too biased), believe that the overall situation of humankind is more perilous than ever before. There are more different serious crises developing all over the place than ever before. Gaza, ISIS, the Syrian rebellion, the west's efforts to foment war in the Ukraine, Libya, Venezuela, Argentia, Ebola, the extreme drought in the US southwest, the Chinese bubble, the Japanese demise, Ferguson and the other police state issues in the USA, the eligible unemployed all over the world and especially among the young ...the list just goes on and on and on.
But virtually to a man, the traders all say that any significant downturn is extremely unlikely because of the damage it would do, not only economically but in setting off protests and more violent forms of unrest, worldwide and including inside the USA. The Fed can, and will, print to infinity. Those of us who are long term, experienced traders can point to all kinds of signs suggesting that even as the Fed is publicly announcing "tapering" and imminent rate hikes, it is clandestinely acting through more and more routes to sustain and raise the markets and put even more money in the hands of the very wealthy.
So the markets are between a rock and a hard place. Can';t go up, can't go down. they still do what they do best, oscillate. That way, the insiders can still make gains every single day and most of the retailers who try to trade frequently will end up losing.
We are not going any place, fast. Like Alice and the white king. Up and down, up and down. Just like sex.