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These charts remind us of the sideways market that the major indexes have been in for the past de
cade and the likelihood that the odds are in a sustained move down is waiting for us when all this market manipulation is behind us.
| The current secular bear market from 2000 is now 11 years old and remains in the middle stage of its development, suggesting that the next primary trend inflection point is still several years away. The following monthly chart of the S&P 500 index displays the last two secular trends in stocks. |
| From a forecasting perspective, the health of the secular bull market in gold suggests that the corresponding secular bear in stocks is still several years away from its terminal phase. |
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