Does ending QT mean a big bull market is coming immediately? After QT ended in late July 2019, there was a few days of good price action, but then it turned into a grueling period of long and short whipsaws. Before QE started, there was even the 3/12 black swan event that led to a massive crash. Some say it was caused by the pandemic, but from what I’ve seen, the market was trending upward from the beginning of the pandemic until it spread. The 3/12 event was a sudden incident. If we don’t take that into account, after the last QT ended, there were still several pullbacks to shake out the bears.