The S&P 500 Index (SPX) has breached, once again, the outermost deviation band of the Regression Channel (+5 standard deviation), which has its beginnings at the March 2009 low, as shown on the following monthly chart. So far, it hasn't been able to sustain a move higher.
It's either going to enter a new hyper-bullish phase to, potentially, spike sharply to parabolic heights, or pull back to somewhere around, either a confluence of the 20 MA with the +2 deviation level around 3100ish, or to a confluence of the 50 MA with the Regression Channel median around 2800ish.
Either way, the move could be swift.
In my post of November 8, I mentioned that buyers were in control of the MSCI World Market Index, based on a monthly timeframe. Its price was 2470.05 (Friday November 6).
The upside target I identified was around 2600. The next day it hit a high of 2546.16 before pulling back to close at 2502.06, as shown on the following daily chart. It's been trying to retest that high for the past three days, without success. The Balance of Power has flipped from buyers to sellers on this short-term timeframe.
This may be a warning of weakening interest and a possible pullback in the SPX, as well as other global indices. Keep an eye on the MSCI World Market Index for clues in the short term.