this is just a breakout out of a consolidation, we would have to go much higher if it were parabolic.
Even more important is that only the DOW has broken out. It got lucky and caught a bid from retailers and a price war in materials. SPX still hasn't broken out yet.
i was looking at the DIA monthly chart. OTOH, you could say that be broke out of a 7 year base which could justify 4000 dow points or so.
Or, you could call it a case of too many increasingly worthless dollars chasing too few increasingly overvalued assets.
Late April and all thru May was indeed parabolic. Todays move is showing alot of intraday divergence, no retracement to speak of.