Higher prices from here could indicate that we are in a small A-B-C correction, with the C wave to come. This could mark Wave 2 of the move with a more explosive Wave 3 to come. A 1:1 ratio for wave 3 to wave 1 puts SPY at 535. A more common 1.618 of wave 1 puts SPY at 577.
Perhaps only an interest rate spike will put a dent into the market. Doubtful that in an election year the Fed would raise rates again. Market seems to be saying that the opposite will occur. Don't fight the Fed.