QUICK UPDATE: A lot can happen in a month. Brexit came, but a full fledged selloff never materialized, and now, the S&P 500 (SPX) is poised for another tremendous long term rally – like it or not. If this rally reverses course, the TD indicators will help with the exit.
From the daily chart, the SPX is best explained through a timeline. First the 1850.61 TDST Support defined the bearish price level, and later the 2112.02 TD Trend Factor defined the upside target. Note the TD Trend Factor was tested twice, but it is no longer active since the minimum 5.5% correction at 1993.76 was recorded. Considering the long term sideways correction lasted over a year, as indicated by the monthly SPX chart (not shown), the recent upside breakout above the 2104.27 TDST Resistance could last awhile.