Visualizing The Real Test For Bulls In One Chart

As shown on the 24-year monthly ratio chart below, bulls have pushed the SPY:VIX price into uncharted territory this year. The REAL test for sustained market euphoria is now occurring, as the ratio probes a two decade ascending diagonal (red) line responsible for past market tops. After 8-9 years of a central bank induced bull market, and pushing +2803% gains from lows, investors are making the fatal decision to get back in, as the final stages are here explained in the ratio.