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Why This Rally Signals a Topping Market

Adam Taggart | Thoughtful Money® May 6, 2026

Summary

Michael Oliver argues the U.S. stock market is undergoing a slow, multi-month topping process rather than starting a new bull trend.

Current market behavior mirrors historical major tops, featuring sideways action, fake breakdowns, and final rallies that trap investors.

A confirmed downtrend signal requires SPX to break below the 6600-6785 range, indicating underlying structural market weakness.