The exchange stabilization fund has been frozen to allow debt talks to go on in the US.
This was announced by the Fed last week on July 15th via press release. You can read the official statement here;
Update: As Previously Announced, Treasury to Employ Final Extraordinary Measure
to Extend U.S. Borrowing Authority Until August 2
Although the August 2nd date was already established, it seems that the Fed. may have been under the impression that Washington would have already came to an agreement this close to the dealine. Since that is not the case, more creative accounting needed to be done.
With the stabilization fund frozen, there is nothing to stop a hard crash of the $ at this very moment.
But one has to wonder what or who is keeping the market above 12k.
The market is at levels similar to where it was before the crash of 2008. Back then, everyone had a job, home values were higher than today and the dollar was strong.
Everyone needs to ask themselves what is keeping the market at the current levels when we have record unemployment, a dropping value of the US$, and tumbling home values.