With SPX now around 3150, we aren’t too far away from the upper Bollinger Band on a monthly chart. This is an incredible market. All-in, all-out (or close to it) has been amplified in 2020.
You can see from the chart that SPX pierced through its top BB in February of this year, and then proceeded to pierce below the bottom BB in March. Three months later, and SPX is getting close to its top BB again. Right now this level is 3303, which is roughly 5% away from here.
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|Chart of The Day – June 18, 2020|