If you subtract the expansion of the money supply in the United States, the stock market has been in a bear market for the last 20 years.
The S&P 500 divided by M2 in 2020 looks a lot like the Dow Jones Industrial Average leading up to and months after the 1929 crash. Back then, the Fed was constrained to the gold standard and wasn't able to inflate the money supply as they do now. Adjusting for this difference might provide a better picture of the current state of the market. After the 1929...
I was wondering if this meets the definition of a head and shoulders pattern. It looks like a textbook formation to me.