Click the thing and behold the beauty of it. It’s a log scale chart simply because I was fooling around with different views and forgot to change it back to linear. Same diff…

SPX, as it gets to our best ‘bounce’ target of 2100 is at an important decision point, wouldn’t you say? While I am feeling bearish (for a reaction at least) because sentiment is rapidly getting over bullish, I’d note again that one thing the bull case still has going for it is the ferocity of the August over sold reading (which put sentiment in the toilet). The last time that happened with SPX not already in the depths of a bear market was yup, 2011.

What the bears have going is that everybody seems to be fixating upon 2011 and conveniently ignoring 2000 and 2008, compliments of the building euphoria.