The big fibonacci channel covers 3 financial crises and overall heavy fluctuations since 1872. (Old chart of big Fib Channel) Another thin Fibonacci channel graphically connects the bottom of 2007-2008 Global Financial Crisis caused by housing bubble to the bottom of Covid 19 lockdown financial impact, for a specific case if index doesn't fall below the connecting support line. If it does, then the same low demand levels colored green will play role of reversing the hypothetical drop.
Since Covid19 Lockdown the index is up over 100% and we see it grew rapidly. Rapid growth is not normal and there is a risk creating bubble on the way. So, we can deduce that market is already in overheat condition with a risk of heavy reversal in the future. A slight raise of interest rates can cause heavy corrections in the future which in the other hand it can lift off the bearish psychological pressure to remain in controlled growth condition.