The false floor of the Fed is now somewhat gone as well. The zero rate effect is now , at least partially, gone, and the market will have to advance on fundamental merit much more in 2016. Corp earnings, domestic Data ( UE, GDP, inflation) will have a stronger bearing on SPY performance now, as the " bad news is good play" is now no more. It seemed in 2015 there was the mental false floor, born out in fact by strong support levels we have seen over the past few years. Who truly knows why, but clearly the market showed that any excuse to delay a fed rate increase was good for buying, and now that effect is done.
Re : "seven year cycles", common sense says , yes. Myself, you , and many others here have said sense. But, there is No Rule saying markets must correct, and when vast majority of main stream market zeitgeist says Zig....time to zag.
As adamant as I am on the long charts clearly showing signs of potential down turn, it's still , at some level, " Who the F knows? " , but that's still better for 2016 correction potential than "why the F not?!" , which we saw incessantly in 2015 as a reason to buy it back up, even though at times it looked like Spy was going to start the corrective initial major move, it did not, and some " Majical" buying forces filled the sky.
Is that force gone? To me that is the fundamental question. The chart ( one year daily) is starting to show that possible, with a string of lower highs, after an already flat top. So, in 2016, we shall see.
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