SPX Long term view

 

Above there is a monthly chart of SPX. Notice how the red and blue trend lines from 1987 top supported prices during 2002-2003 and 2009 bottoms. On the upside, SPX seems to be chasing after the red tred line, but first it needs to overcome significant resistance at the 1060 area market in red. After that a triple confluence is going to make really difficult for the SPX to move beyond the red circle. That area around 1120 is where the red trend line meets the downward green channel from the 2000 peak and the 2002-20003 and 2009 lows, it also happens to be the 50% fib retracement from the 2007 highs to the 2009 lows. On the downside, there is strong support in the 950 area, so a pull back in the short term will find good support at that level.