When unsure where the market is headed it's always a good idea to look at the historical chart for clues.
I went through the charts and looked for support/resistance, both horizontal - ascending/descending with significant confluence. During the late stages of the tech bubble, bulls had a tough time passing the ascending resistance (shown in purple). I extended those lines, because they are once again present.
Cloned rectangles I present also hold significant horizontal support/resistance.
Right now I suspect a top, but others might disagree. I see the 9700 level in the NYA as a major threshold that will take some time to break. 9700 level held as milestone for both bears and bulls as the horizontal support/resistance area in 2007. In 2008, 9700 was the throwback top when oil prices reached all-time high, and later the NYA corrected.
I went through the charts and looked for support/resistance, both horizontal - ascending/descending with significant confluence. During the late stages of the tech bubble, bulls had a tough time passing the ascending resistance (shown in purple). I extended those lines, because they are once again present.
Cloned rectangles I present also hold significant horizontal support/resistance.
Right now I suspect a top, but others might disagree. I see the 9700 level in the NYA as a major threshold that will take some time to break. 9700 level held as milestone for both bears and bulls as the horizontal support/resistance area in 2007. In 2008, 9700 was the throwback top when oil prices reached all-time high, and later the NYA corrected.