A simple parallel channel since the recession shows our COVID bounce may have gotten a bit overheated...
But 20% down? That's arbitrary... yeah, basically. However it does seem to line up to roughly the midpoint of this long-term parallel channel. 20% down aldo brings us back into a ~nominal PE ratio for SPY.
Will the rotation of sectors keep SPY high while individual names rotate through bull and bear markets, or will SPY roll over with big names like AAPL leading the charge down.
Time will tell...
But 20% down? That's arbitrary... yeah, basically. However it does seem to line up to roughly the midpoint of this long-term parallel channel. 20% down aldo brings us back into a ~nominal PE ratio for SPY.
Will the rotation of sectors keep SPY high while individual names rotate through bull and bear markets, or will SPY roll over with big names like AAPL leading the charge down.
Time will tell...