Déjà Vu? — This Is How It Started Last Time

Déjà vu?

A week ago we flagged the resemblance to the Sep 2024–Feb 2025 tape. Since then, SPX has rolled over from the top of the range, slipped below the 50-day, and is now tagging the 100-day as of writing. Too early to draw conclusions, but the parallels to last year remain.