If you are familiar with technical analysis, you know exactly what you are looking at above. A massive rising wedge (it goes back further) on the S&P. The Dow has a very similar structure.
If you are not familiar, rising wedges typically resolve to the downside when the bottom line (support) is broken. If so, the chart above suggests that the market might be getting ready to breakdown. Further, the near completion of the compression on the wedge indicates that it might happen soon. Finally, given the extent of this wedge, the downside is like to be significant. If you want a more detailed analysis, actual dates and prices, please Click Here.
Just FYI.
