Today is the day I am getting the most hate for saying 2026 won’t be a bullish year. After the S&P 500 has performed strongly for four years straight, together with Bitcoin and gold, people think that after four years of continuous gains, 2026 will be bullish as well. I’m not saying it won’t be, but the math isn’t mathing.

Look at GOOGL, AAPL, or NVDA they are all in the euphoria phase based on market cycle psychology. At this point, everyone thinks the market will go up infinitely, and NVDA is way ahead. Some people even called it a “new paradigm” when it reached a $5T market cap.

The good news is that this distribution among highly valued assets may bring price stability, with money flowing into risk assets and pumping them while these remain elevated into Q1 or early Q2 2026.
The bad news is that a reset is likely to happen across the whole market until late 2026, and then we will see another move up into mid to late 2028.