The biggest threat I see for a longer uptrend for the US indexes is not the the Debt Limit but the rising 10 year yield.

DOW daily 3 months yields from Big charts. See the strong double bottom then the first and second waves  and now the strong beginning of the third wave that started 3 days ago.

 I have shown you the monthly chart of the 10 year note where the 8 months very heavy MA  has turned  down.  Below is that chart again. Observe that yields and bond- or note prices moves in the opposite direction of each other. When the bond price goes up the yield falls and vice versa.

 DOW 10 year monthly US notes with a falling 8 MA.

These 2 pictures indicates  that interest rates might have seen its bottom and this could be the start of a new trend for the first time in 30 years. However on the second chart the 21 months MA is rising and could give strong support, but if it does not there might be big international selling of US bonds and notes which will affect the stock markets negatively but eventually lift the bank indexes, a trend that has already started.

 10 year German Schatz bonds now. The 8 MA has turned down there as well. The daily chart below is down but no break down yet.

10 year German Schatz daily.