The Line in the Sand, and the Fake Signals
is 2511 on the S&P. That was the high of the S&P prior to the time when the Trump Tax Cut Euphoria started. The fact that the tax cut for the top 10 % brought a big increase in the Government Deficit and only a blip up in GDP created the Elephant in the room.
Sure, we have the Bernanke QE funny money in the background, and the stupidity of the Tariff fights to contend with, but the Tax Cut is where things went wrong in a big way.
What we are talking about is the two things on which the Economic Miracle since 2011 in based. The artificial Bernanke QE funny money, and the gift of the Tax Cuts that was supposed to Make America Great Again.