We looked at 3 major tops (1929, 1973 and 2000) suggests tops are immediately preceded by 1) sustained monetary policy tightening and 2) divergence of surging bubble stocks vs the average stock moving sideways/falling. 2021 has been characterized by late-cycle markets vs an economy emerging from a recession. This is similar to the period after the 1926/27 recession, when equities rallied through the recession and then kept rising.