The S&P is within an inch of its all-time high
The S&P is within an inch of its all-time high. A monster rally pushed the S&P 500's median sector (excluding real estate) to within -1% of its closing high. In many ways this is unprecedented: never before has the S&P crashed so quickly and rebounded so quickly without a decent pullback:
When the median sector cycled from -20% from a 1 year high to within -1% of a 1 year high, the S&P's short term returns were weak. And although the S&P rallied further over the next year, most of the gains were already booked:
Similarly, the S&P 500 itself is very close to its all time high:
This could lead to a short term pullback, but over the next 6-12 months usually led to more gains: