THE multi-month ascending channel for the S&P500 (SPX) continues to widen, but has exhibited relatively less severe price declines as seen between January to March. For instance, the massive decline earlier in May came in at -4.2 per cent, against more severe swings of -5 per cent and -4.6 per cent earlier in the year. As such, the SPX has largely been able to maintain its upward trajectory, albeit with multi-day declines along the way.
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