I'm not much of a chartist (and this is NOT a recommendation), BUT this seems to resemble the classic Stage 1 into Stage 2 action I read about in Stan Weinstein's book. Am I reading it right?
I know Warren Buffett says that we have never had people in a more gambling mood than now, but i think that is not necessarily the case. We are addicted to S&P 500 buying no matter what. We have been taught to love ETFs no matter what kind. If individual stock investing hadn't been so denigrated it would be less of a casino