Dumbest Chart Ever Ends Bull Market

What's wrong with the analysis that suggests Rupert Murdoch's bid for Time Warner point to a peak in the stock market? 
Does this look like a leading market indicator to you?                           

Yesterday morning, we learned of Rupert Murdoch’s bid for Time Warner for as much as $85 dollar a share, or more than $75 billion. Soon after, the annotated chart below showing the Standard & Poor's 500 Index began circulating on trading desks and websites, suggesting Murdoch's offer signaled a market top.

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