Remember the Potemkin Rally (Dow Jones Divided by Fed Balance Sheet)?
The stock market's performance is depending on the Fed's expanding balance sheet. That is apparent from the flat line since 2008.
But more recently, we see that the curve is trying to roll over to the downside. What this means is that the expansion of the Fed balance sheet is not enough to sustain a rally in stocks.
Translated: "we need more QE."