What is driving the equities bull market?

The short answer to the above question is the USD carry trade. Because of the zero or near zero interest rate stance by the Fed, the US dollar has now become the funding currency for the carry trade, where traders borrow usd and buy currencies or assets that yield higher than the cost to repay the borrowed US dollar interest rate.

If you look at the two charts (5 min) of the euro futures and emini S&P 500 futures, you see a tick for tick correlation, when the US stock market is open. In this case the USD strengtherned, so equities fall, as some carry trades are unwound.

So when will the bull market end? No one knows, but when you see the USD gaining strength, equities will fall....