Ihave sent this article this week end with this impressive chart from Citi...have a look to the note attached and to the s&P Chart...page 2
Sent by bbg on the 5th of Oct :
Citi Warns US Equities Are A Cocktail of 2011, Slice Of 1998, Dash Of 2000
{http://bit.ly/1hrPuYg}
Looking at the equity market and some of the background dynamics Citi's FX Technical group cannot help but be reminded of 2011. They also warn, despite the constant hope-driven rallies this week, there are also some aspects of what we saw in 1998 and similarities with 2000 that are worth noting. The bottom line, we have had the view for some time that we would see a much deeper correction in the equity market (in excess of 20%). Recent price action and developments might (just might) be suggesting that it is time to revisit that theme.
Worth reading and having a look to the charts...