An incredible 5 months

The past 5 months have been incredibly kind to stock market bulls, particularly to those that have invested in tech stocks. The NASDAQ 100's rally over the past 5 months can only be compared to what happened during the dot-com bubble:

A 63% rally in 5 months has only happened twice from 1985-present, and both occurred in 1999. Both cases led to at least a short term pullback in the NASDAQ 100:

Looking at the NASDAQ Composite gives us a similar conclusion:

The NASDAQ Composite's returns over the short-medium term were poor:

As for the S&P 500, this is the largest 5 month rally since the Great Depression:

Both cases saw weak gains over the next 2 months: