It took more than 13 years, but the S&P 500 managed to eclipse its 2007 highs of 1576 earlier this year. This move takes it out of a long term trading range, and according to the Technical Analysts at Bank of America Merrill Lynch, marks a transition to a new secular bull market.
Some folks might disagree with that characterization. The arguments against are that one cannot tell for sure (and certainly not this soon) after new highs if they are false breakout or not; they may not stick if earnings fall or rates rise. Further, given the Fed’s role in driving stock prices, once “the Taper” begins, all bets are off as to whether we stay in the new trading range above SPX 1576.
Note that the false breakout was hellish for traders in the 1970s . . .
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.