Although a 12-month $SPX view would reveal a steady up-trend channel, an expanded view of that chart reveals a bearish ascending wedge, which concurrently comes to a tip as $SPX nears its historical overhead resistance.
Technically speaking, as a continuation pattern, the bearish wedge formation would justify the interim rally that characterized the past 12-month period, and provides concerning hint at further risks of a bearish trend resumption.
While a breadown of the past rally is not a sure thing, there seems to be a lot of technical development (i.e.: resistance line over $SPX as well as MACD's, a failing RSI, and a bearish ascending wedge) that have recently compiled to favor that scenario, IMHO:
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