The S&P 500 is at an interesting technical juncture, having crossed back into a major resistance band I’ve taken to calling “the Death Zone” because of the frequency with which rallies peter out in this range. The upper end of this band currently falls around 2100, but is rising fast.
I wouldn’t expect a breakout from this resistance range too soon, despite the speed of the bounce last week. The market is likely to run into major issues moving above 2100-2110 before the new year.
That said, anything is possible, and a breakout from the post 2009 wedge is inevitable, eventually. It’s just a matter of when. For now, though, we can enjoy the rally.