Let's take a look at multi-year charts to see how the markets are looking.
As of this writing, the SPYs are at 85.9
Prices have moved through price levels established in 2002, 2004, 2005, 2006, 2007 and 2008.
Now we are looking to test lows established in 2003. That's when this multi-year rally started.
As of this writing, the QQQQs are at 30.10.
The QQQQs have moved through lows established in 2004, 2005, 2006, 2007 and 2008. Now the QQQQs are looking to test the high established at the end of 2002. Mercifully we still have a ways to go before we've wiped out this rally.
As of this writing, the IWMs are at 47.90.
The IWMs have moved through levels established in 2004, 2005, 2006 2007 and 2008. Now they are looking to test levels established in 2003.
That's a lot of wealth wiped out.