The S&P 500 is approaching an important pivot on its Monthly Chart: 1060-1080.

• above is a monthly chart of the S&P 500 ($INX) dating back to 1990....
• the S&P 500 has been trading in the range of 700ish to 1500ish since October of 1996...13 year trading range!!
• 950 has been a major pivot during this range...
• 1060-1080 has also been an important pivot during this range...
• the 4 yellow ovals mark the occassions that 1060-1080 acted as major pivot from 1997-2004...
• the S&P 500 is now trading in the 1050's, quickly approaching the 1060-1080 area...