Stepping back to look at the long-term charts shows a U.S. stock market that has been seeing shorter rallies and may be running on fumes after this week’s pullback, according to a technical analyst.

“We have used the word ‘tiredness’ to describe the present market. A look at the 10-year quarterly chart of the S&P 500 reveals a similar condition,” says Tarquin Coe at Investors Intelligence.

ETFs tracking the U.S. blue-chip index include SPDR S&P 500 (NYSEArca: SPY), iShares S&P 500 (NYSEArca: IVV) and Vanguard S&P 500 (NYSEArca: VOO).

“Following the bear market low of 2009, the index went onto rally for 4 consecutive quarters. The index then paused the next quarter, then rose for 3 consecutive quarters. Paused again, then rose for 2 consecutive quarters. Paused again, and then rose last quarter,” Coe wrote in a client newsletter Wednesday.

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