I read a few analysis' calling 1285 - 1315 a topping area. We're right at the top of that range now and it may be a key level. If there is resistance at 1315, it could drift lower for awhile. If it breaks well above that mark, it could keep running up.
This market just doesn't seem to care about cooked up unemployment numbers, continued weakness in the real estate market, or geopolitical upheaval.
Set your stops or be prepared to hold for a long time.
One of the biggest reasons why there could be a sudden correction at any time are comments as these and the flood of exuberance and sky-high sentiment as of late. Past pullbacks always seem to follow when there is way too much (unjustified) positive sentiment.
The funny thing is all those that are expecting the market to continue going up offer no reason why it should other than it has been going up and should therefore continue doing so.