The S&P 500 index has been making a series of lower highs and higher lows since the beginning of the year, forming a large symmetrical triangle pattern on its daily chart.
The index is nearing the apex of the declining triangle resistance line and the rising triangle support line. It has also been trading for the last several weeks between the declining 50 day moving average and the rising 200 day moving average.
Resolution is just a matter of time, as these sets of indicators converge.
Obviously, a break above pattern resistance or below pattern support would be significant and either could determine the intermediate to long term direction of the market.