This chart shows the extreme effects of the Greenspan Federal Reserve on the stock market as a representation of its profound impact on the US economy, if not that of the world. Reckless adventurism may be too kind a description.
Two asset bubbles, back to back, were caused by the irresponsible expansion of credit and the lack of regulatory oversight of the banking system. This fostered malinvestment and a terrific destruction and reallocation of wealth.
This is what happens when the Fed takes its eye off the growth of money supply and credit, and instead focuses on exotic metrics and statistical rubbish, to the cacaphony and flourishes of pseudo-scientific oratory that confounds common sense.
There will be significant human dislocation and misery to come as the economy readjusts to more sustainable growth patterns and capital allocation.
Near term support levels are more obvious when looking at this chart below.
What we have are two neatly nested Head and Shoulders tops, at least.