As long as they keep destroying the dollar to prevent the deflation they are CAUSING by supposedly helping our exports, this could go on for quite a while. Large cap tech with foreign growth and more and more foreign employees will be the ONLY big winners. But with AAPL already at 20% of the NDX, you don't need many other companies like HPQ to drag our markets up.
The Fed ACTS like lower interest rates will decrease unemployment. THAT DOESN'T WORK. Just look at what American business uses the borrowed money for. They buy new software and machines so they can LAY OFF American employees. These new machines are made in FOREIGN factories. They might need more management but management jobs are always where the GROWTH is. That growth is in Brazil, Russia, India, China but NOT the USA.
So they cause deflation on the one hand via screwflation as they destroy interest income on savings and require reductions in retirement savings to compensate for higher non-core expenses like food and energy. Those go higher despite lower demand simply do to their destruction of the USD.
So the market can easily continue to go up, but only in terms of our weaker currency and only because of the VERY FEW large companies who are the global winners. The Fed controls the dollar now so don't expect US economic data to have much relationship to the stock market.