The current rally has reached extremes: more than three years above the neutral line of MACD and almost 500 points above the 200-week moving average.
U.S stocks have been treading water for a while, and this raises a question: is this just another pause that refreshes a market on its way to new highs, or is the top in? Nobody knows, of course, but a chart of the S&P 500 (SPX) that includes the previous tops in 2000 and 2008 offers some useful context.
The current rally has spend more than three years above the neutral line of MACD, i.e. in bullish territory. The only comparable length of time without a dip below the zero line of MACD (which reflects a significant correction) was the Great Bull Market of 1995-2000, which was interrupted briefly by the Asian Contagion in 1998.
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Gordon Long and I discuss The New Nature of Work: Jobs, Occupations & Careers(25 minutes, YouTube)
The Old Models of Work Are Broken
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