I took the liberty of adding a 100-day linear regression line to the daily SPX chart to give me an idea of the prevailing trend. It starts near the beginning of the year.
I can visualize several scenarios, but unlike so many others I honestly don’t know how it will play out. I’ll keep an open mind. (click for full-size)
If the market were somehow able to break above that linear regression line and trade above it, it could turn into a feeding frenzy.
On the other hand, if if breaks the lower-support around 2000 – panic could set in.
At this point, this analyst got the call right.