S&P Has Two Strikes, Is It 2000 and 2007 All Over Again? (SPY Chart)

First, an interesting read at Comstock Partners:
"It's 2000 and 2007 All Over Again

The stock market is at a highly vulnerable point, both fundamentally and technically. Fundamentally, the current rate of economic growth is unsustainable and the valuation of the S&P 500 is significantly above its long-term average. Technically, the market is overbought and is losing momentum. We cite the following points."
(read more)
Now look at the SPY chart from 1990 to last Friday.

$SPY (S&P ETF)
Courtesy of FreeStockCharts.com

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