 One of the really interesting price action movements that we've seen this year is the S&P 500. As is often the case, the market is overly bullish about 2024. Analysts are now forecasting about 11.6% earnings growth for the S&P 500, and the average analyst is predicting a price target of the index to be around 5029. This all suggests that the index will gain about 10% and make new all-time highs in the next 12 months. Others, however, see a more challenging macro backdrop is anticipated for equity markets in 2024 and believe that the S&P 500 could experience its worst crash since 2008. As far as the S&P 500, obviously ending near all-time highs or going to all-time highs depending on which particular way you want to look at it, you know, it's hard to argue with that, right? I mean, how could we say that anybody would be bearish going into 2024? But we also know that a lot of this rally has been in the anticipation, if you look at something like Goldman Sachs, who says five times the Fed will actually cut interest rates. So a lot of this is on the anticipation, A, that inflation is over, and B, that the Fed will be more dovish. So that's where the charts can be extremely helpful. And I really, really like this 4,600 level as my major pivotal level. So basically, I would say very simply, if we stay above 4,600, you have to have kind of a bullish bias. I've seen predictions for 5,050, 100. Surely that's the case. But if we get back under that 4,600 level, then I would start to think that we're going to be in for a more serious correction. And it could be for any of the reasons that I have just spelled out in terms of the dangers that still lurk out there, even in our, you only live once environment. This is a screen of the S&P 500 earnings estimates for next year. And at the current valuation of about 4770 or so, you have an S&P 500 trading at, call it 19.7 times earnings, which is a very high number for earnings estimates overall. When it comes to a P multiple, especially looking forward. And so given the advance in the equity market, and given the fact that we're probably not going to get as many rate cuts next year, I think it's highly unlikely that we're going to see much further appreciable gains in the market. And if you sort of take a more conservative approach to earnings and estimates, I mean, even at 17 times $242 in earnings next year, which is a more manageable earnings estimate, you're talking about an S&P 500 that's closer to 4100 or so, then it's current value of 4770. And if the Fed doesn't cut rates as aggressively, I think ultimately that means that yields have probably fallen too far on the back of the curve, and they're probably going to start to rise. And ultimately, I think that means that the yield curve is going to have to re-steep in. If we were to get a yield curve re-steepening, that certainly could lead to dollar strength. It certainly seems like if we do get a soft landing, or even potentially a no landing, that the U.S. economy is going to be probably, again, the strongest in the world, and that likely means that the dollar can strengthen and outperform other currencies.