The “interpreters” are in charge of this market. They are the people who interpret what they think Bernanke said, and then they act accordingly in the stock market. Frankly, I am in the camp that Bernanke has not changed his message at all — he has consistently said that QE will remain in force until economic conditions improve (and there is no improvement — at least in the indicators he is watching).
$SPX made a new all-time closing high, although it has to go another 10 points or so to beat the intraday high. There is support near 1625.
Equity-only put-call ratios remain on the buy signals that were generated about two weeks ago.
The market breadth indicators are on buy signals, too.
Volatility indices ($VIX and $VXO) are bullish as well. The $VIX “spike peak” buy signal of June 25th has been very successful.
In summary, the indicators are bullish, and traders should not try to fight this tape. Despite the volatility the market has displayed, and its recent ignoring of support and resistance levels, the signals from the other indicators have proven to be accurate.