Nah... Just Bull...
20 year Quarterly $SPX. Looking at lowest panel (R Squared): there were 3 trending runs: 1990's, Dot.com Drop in 2001-2, and the run-up from mid-2004 thru 2008. Action in 2009 & 2010 just represented consolidation [R squared only went half way up, the TSI (True Strength Index) was flat at zero, absolute CCI values were <100, and the DEMA was flat (light blue oval)]. By the way...the yellow dotted line on the lower chart is where the market is "now."
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