We will pull back and everyone will say “see, I called the top” then it will rocket higher. Volatility needs to pick up, but in the process we will march higher. Then the storm of volatility that finally comes near the top isn’t believed to be a top. At the time being there really isn’t much volume, and plenty of people shorting trying to top tick. They will be squeezed out after more shorts get invited in and it will be driven higher.
We have not seen new highs when pricing the market in inflation adjusted terms or many currencies. Globally, there are plenty of nations ready to move in who do not see all time highs yet.