S&P500 monthly chart: is a rising wedge forming?

The monthly chart of the S&P500 shows price yet again able to close above the 20-month SMA for the 4th month in a row. The Bollinger Bands have kind of lost their “squeeze” set up, suggesting the uptrend will be more of a slow grind on this time frame. In addition, to be devils’ advocate,…

The Importance of the 2040 level on the S&P500

Why is $2040 so important for the S&P500? When we look at a longer term price chart we see that the index has found support at that level (green horizontal line) numerous times (blue arrows) and each breakdown let to around SPX2020-1990 or much lower. The red horizontal line shows the importance of the SPX1990 level…