Looking back at the last two major rallies we see that the latest one has not broken above to new highs. Raises concerns of longer term rallies less likely to happen
SPY is forming double top reversal pattern
Longer term future rallies called into question
More defensive sectors are experiencing rallies over the past year (XLU for example)
Defensive sector long term rallies shows rotational shift from risk assets (tech) to safer assets (utilities, healthcare, gold)
Seeing signs of late cycle investing
2025 could be a rough year for SPY and especially tech
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