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We know it’s easy to get caught up in “rally mode,” but always remember that prices do go down from time to time.  Earlier today we published two B.I.G. Tips reports looking at year one of the Presidential Election Cycle and Fed rate hikes after long pauses that actually throw a splash of cold water on the thesis that equity prices are set to surge even further.  If you’re not yet a member, you can sign up for one month of Bespoke Premium at this page to see the two reports.  We think it’s worth pointing out that the S&P 500 is currently 4.8% above its 50-day moving average.  Below is a chart of this S&P 500 “50-day moving average spread” reading going back to early 2008.  While 5% is not the be-all, end-all that marks a top, as you can see, it is a level that has typically marked a near-term peak in this reading over the last five years.  Just something to keep in mind as we approach the new year.

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