Chart-watching market timers fail again

Nasdaq-100 (QQQ) (blue) and S&P500 (orange), Jan-June 2023; courtesy BigCharts

Mid-March 2023

For a moment, let us turn back the clock to mid-March 2023. Here is a brief summary of the financial news current at the time:

The cryptocurrency community was still reeling from the November 2022 collapse of FTX, led by wunderkind Sam Bankman-Fried. The speed of FTX’s downfall, transpiring over just a few days, stunned the crypto industry, which had long promoted itself as a high-tech means to avoid the risk of traditional banking. The U.S. Federal Reserve, defying pleas for mercy from politicians and investors

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