History doesn’t always repeat but it often rhymes, as your chart shows. Just one big super-sized bear market rally a la the nuclear response from the Fed.
The late 90’s brought the dot.coim bubble which led to the early 2000-late 2003 bear market (~50% drop in SPX, ~80 drop in Nasdaq Composite).
The Fed then created the housing/credit bubble via artificially & excessively low rates for too long in response to that bear market that finally led to the 55% bear market from late 2007-early 2009 (and the Great Recession).
The Fed has continued to keep the pedal to the floor with easy money & excessively low rates since then (plus, the explicit promise to back the stock market at any & all costs), creating what will likely go down in history as the FAAMG/tech bubble or maybe just another plain-jane stock market bubble as prices have completed disconnected from fundamentals. Once the music finally stops playing, the next leg down is like to be a real doozy.
Until then, I’ll keep one eye on the major stock indices while focusing my trading on other sectors & asset classes with more attractive R/R profiles & those that are conducive to technical analysis as they charts aren’t being overridden by the various Fed interventions in the Financial markets, both directly (i.e.- bond & ETF purchased) and indirectly (flooding the banks & financial system with cash in order to gun stock prices higher).
BTW- UNG/nat gas now up 65% over the past 2-months & 56% since that last objective long entry on the backtest of the recently broken downtrend line just over a month ago. One of many examples of securities, particularly most commodities, in which the technicals are working as they should be without the heavy distortions caused by the Fed in the stock & bond markets. UNG getting close to that next target around 15.00 now, currently trading at 14.50 so no longer an objective long as the odds for a decent pullback start to increase substantially with each tick closer to 15 from this point.