Maybe in x years we will know for sure how much fed manipulation went on in the last year but frankly if the market was as manipulated as many suspect then no wonder we are higher and no wonder indicators seem to lead  to such pathetic  price give back or any giveback at all  for that matter.But that aside interest rates are the one thing that makes me believe that a sell off can actually  occur.(Didn't say will).There is no way in the world that the fed will want to see a rise in rates(too much debt)with patterns breaking out( to propel rates higher)to  their detriment and frankly there is NO better way to see a fall in treasury  interest rates than  to get an equity selloff.Why can't they simply support a managed sell off to keep us just frightened enough..the middle road shall we say.A few quick Dow 300 point breaks would do the trick mighty fast !This is about as good as equities can get IMO as much higher and we are looking at confirmed breakouts or breakdowns(price/yield)in bonds and frankly the fed will be far more a friend to the bear if that occurs.Keep the 10 year under 4% and S and P around 1000 +- 100 range is not a bad middle road for them till they come up with the next scam like forcing pension funds  into holding 80% treasuries or the like in their funds...lol..you Americans just got capital controls so why not forced investment criteria next.

Anyway the fed could quickly become bear friendly IMHO  and each time we approach that treasury down  trendline why not turn the algos to  equity sell mode.