Per the recent Larger view post, I think markets are in a W5 euphoria stage that will be the final portion of the bull market that began in 2009. It would not matter to me who is president. This is based on the structure of the movement from 2009 on SPX and other main indexes. As it turns out this structure is matching the theory so well - first move strong rally, resistance, acceptance for the longest and strongest portion, doubt, and finally euphoria that is so evident to me on quarterly and monthly charts.
There are more bullish perspectives - some say the bull market really began in 2013 with the SPX breakout above the 2007 high. By this count, the bull is only yet 3 and has many more years to run. Regardless, if all USA main indexes are above yearly and half-year pivots I will still be bullish. And my own ideal high zone has 6 to 16 months yet to play out.
Yet if we are in a W5, how might this unfold?
The most bullish fashion would be an "ideal" 5 wave pattern which means W1 up, W2 down, W3 that subdivides into 5, W4 down, W5 up for the top. Even that may have some range bound distribution period before and ABC down becomes evident. This would bring the market towards the higher price and longer time duration targets and would look something like this on a weekly chart.
As with fractals, similar patterns repeat so it is completely philosophically consistent to see W5 on a monthly timeframe that appears to be one larger move play out in a 5 wave pattern on a weekly timeframe where the divisions are more evident.
Or a less strong pattern would have W3 of a less duration and power but still sub-divide and look something like an ending diagonal. This would still take the market towards the medium price and time targets above 2300 near 10/2017, like this:
A weaker pattern could stop anywhere in the 127% to 161% retracement targets of the last move, so 2225 to 2335, and make some other pattern like head and shoulders, double top, lower high, before rolling over. But I am not really an expert on patterns so all this FWIW.
There is a lot of optimism right now on what Trump is going to do for companies and Wall Street. There was quite a lot of pessimism when Obama began and it seems like the total opposite. But who knows, maybe the market makes a major top in March or April of 2017 and does not look back for many years :)