The S&P 500 is pushing up against critical, final key resistance.

Houses in Dublin are selling for about half what they fetched a few years ago.

Mike Paulenoff writes that today's recovery rally in Exxon (XOM) does not appear to be consequential.

About the only item of consensus in Europe is that Greece will eventually default.

All this recovery talk has masked the real, underlying trend. That we're correcting 60 years worth of credit expansion.

So far, this 21st century has been a delightful flop. A washout. At least, for Americans. At least, from an economic point of view.

Everyone seems to be waiting to see what happens when QE2 comes to an end. If stocks and bonds go down, the federales are sure to come into the market one way or another too.

Mike Paulenoff's technical work on the 10-year Treasury-bond yield continues to reflect a pattern that suggests strongly a multi-month correction is ending.

And even though the peak of credit in the US wasn't hit until 2007, it's possible that the actual correction began in 2000.

What does Mike Paulenoff see for the future of the S&P 500?