What this chart suggests is that, in times past when equity participation by the public was this high, the market entered a very lengthy period of just grinding away in a huge range. The point being, now that everyone has been sucked into the market, what’s going to drive it endlessly higher anymore?
![](https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8862b57e-aae9-4e99-a9b8-dc1d3edd4d0b_1440x1049.png?utm_source=substack&utm_medium=email)