Long Term the market is topping. Short Term the market is bullish from the Fed's stimulation of lowering interest rates. I believe the market has to prove itself like Russell says in the following. Also the market doesn't like inflation and what the Fed did was inflationary.
The following is an excerpt from the Complete Investor.

SHORT-TERM, LONG-TERM, AT LEAST IT'S STILL A BULL

Over the next three to five years, the world economy and the markets promise to be very turbulent. While we still expect most averages to hit all-time highs, we are not yet certain whether that will begin a new broad-based bull market. It's possible. But far from clear.

More than the Dow or the S&P, the index we are watching right now is the Transports. Richard Russell, one of the few investment advisors we respect, has served investors well for more decades than most of us have been around. He has a history of using Dow Theory to accurately predict major turning points in the market. And Dow Theory has served us well for the past few years as well. According to Dow Theory, Transports must confirm highs in the Industrials and major indices in order for a major bull market to exist. So far, they haven't.

However, the market looks positive for now. Last week, we saw the S&P rise 2.8%, erasing much of the summer's losses. Sure, there will be setbacks, but we expect to enjoy at least a short-term bull. We just can't say yet how long or how broad this rally will be.