Good one. Take a look at margin used.
2008 -2009 repeat ?
Sure looks like it.
User: Tim Knight: Historical Example: wmc161003c.png (791×690)
Presently, the median stock in the S&P 500 is more overvalued than at any point in U.S. history, easily exceeding the overvaluation observed at the 2000 and 2007 pre-crash extremes.