For the past 25 years, when the S&P 500 is trading above the 20 month moving average(yellow line), the stock market has been in a multi-year bull market. When the S&P 500 is trading below the 20 month moving average(yellow line), the stock market has been in a multi- year bear market. The chart above clearly shows this. The S&P just tested the 20 month, but could NOT close over it. We are still trading below the 20 month(yellow line), and the yellow line is pointing DOWN. We are still in a bear market!
Click on the chart, for a bigger view
