Is the Standard and Poors topping?
The chart of S and P shows a type of broadening formation.
Looking at the way it behaved we can now calculate that we have slightly surpassed the 2020 February level from which we crashed if we consider the Dollar devaluation over the same period and convert the index into lets say Euros.
If we look at the Dax for instance we are just above the February 2020 level from which we crashed into March.
I do not think we will start the big decline here yet as too much money is still around but we could easily now have a 10 to 15 per cent correction.
The big tech stocks became hyperbolic and weigh heavily in the index.
There is also a considerable move from growth to value so a correction would clear the air.
Dalio recently has a piece about bubbles and concludes we are not yet in a full bubble for the market as a whole.
I agree on that but the big swings in the S and P point to this formation having at least an intermediate downleg from here.
Looking at the way it behaved we can now calculate that we have slightly surpassed the 2020 February level from which we crashed if we consider the Dollar devaluation over the same period and convert the index into lets say Euros.
If we look at the Dax for instance we are just above the February 2020 level from which we crashed into March.
I do not think we will start the big decline here yet as too much money is still around but we could easily now have a 10 to 15 per cent correction.
The big tech stocks became hyperbolic and weigh heavily in the index.
There is also a considerable move from growth to value so a correction would clear the air.
Dalio recently has a piece about bubbles and concludes we are not yet in a full bubble for the market as a whole.
I agree on that but the big swings in the S and P point to this formation having at least an intermediate downleg from here.
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