The S&P 500 is in the euphoria phase. Every market cycle follows the same path—from takeoff to despair. After 15 years, the S&P 500 has reached the most dangerous point in the cycle. It’s dangerous because the ensuing sell-off is always sharp and unexpected. And overheating signals are already appearing: Prices continue to rise, but volume is declining. Retail investment inflows have hit multi-year highs. The Buffett Indicator shows extreme overvaluation. Everyone believes the rally has only just begun. If you’re one of those still convinced the upward trend is endless— Take a breath. Impulse is followed by denial; denial is followed by surrender. The cycle doesn’t care about your beliefs!