SPX Tech analysis by Simon Kazinsky on 08:30 May 19, 2016 EST
This day last year the Standard and Poors 500 made a run to reach 2,137. Since the 19th of May 2015 we have not seen a new high for this major index.
The start of 2016 proved to be the worst in decades with the index dropping below the 2,000 mark and setting a low in the 1,800 region. Since then the S&P has been range bound between those two important levels.
From a fundamentals point of view the past twelve months have seen the end of expansion of monetary supply by the Federal Reserve though maintaining its massive balance sheet and the first rate hike since the 2008 crash.
We are still sticking to our August 2015 technical analysis when we switched from long term bullish to bearish. You can access the technical report here.