Here is a view of S&P Index on log price scale stretching back 30 years or so. Each candle is one month. We can make a large from the 2 main lows. How much of this bullishness is really just the purchasing power of the dollar falling? But regardless, price is finding resistance and unable to get back into the top half of the channel.
Looking at prices are too high. On a cross looks to be in progress. I've missed out on the stock market unfortunately but there is no chance of me entering now. The bottom of that channel is around 1000 which is a 50% price drop. That is not unreasonable to forsee.