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The S&P 500 index is currently positioned 5% below its cyclical trendline but remains well above the secular trendline.
Jurrien Timmer described this market condition as part of both a cyclical and secular bull market, noting the current technical standing relative to prevailing trendlines.
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Timmer has also examined technical levels in other equity markets, noting that the KOSPI index recently held at a potential head-and-shoulders neckline. In a separate analysis, he presented a 3D chart linking the real yield spread to 12-month S&P 500 returns. These observations provide additional context for his current views on trendlines in major stock indices.