Comment: I hate to be a pragmatic..

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I hate to be a pragmatic..

but technical analysis is basically pseudoscience.. I would not read too much into this chart... I do 100% agree though that on a FUNDAMENTAL and structural basis things are getting ugly in real economic terms but who knows what that means for asset prices.. if nominal values are soaring, say S&P 500 at 10000 (or something crazy like that) is not a positive indicator for the real economy... though it would be a lot uglier for all the shorts!