While the S&P was hitting nominal new highs in 2000 & 2007 at each (1), monthly momentum was actually heading lower at each (2).
Of late the S&P is hitting new highs, while monthly which was recently higher than the 2000 & 2007 peaks has been turning lower.
Odds of the S&P repeating the 2000 & 2007 highs? Low!!!
Impact if it would be topping again? High
Bulls might want to keep a close eye on what the S&P does in the next few weeks due to momentum turning lower.
The SPDR S&P 500 ETF Trust (SPY) fell $0.15 (-0.05%) in premarket trading Friday. Year-to-date, SPY has gained 9.22%.
This article is brought to you courtesy of Kimble Charting Solutions.