S&P 500 Cycles: Slow Grind Up, Sudden Collapse Down?
Everyone knows valuations are Expensive right now.
But here's something less obvious.
This chart shows how the S&P500 $S&P 500(.SPX)$ has traded around major valuation extreme peaks and troughs over the past 100 years.
Peaks deceive through a smooth steady ride higher, and have a habit of making sharp turns.
Bottoms see prices fall slowly at first then all of a sudden.
50% of S&P500 corporate capex is done by Tech companies.
No other sector comes close.
Is this sustainable?
"What's the Best that could happen?"
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