The underlying strength of the S&P 500 Index's multi-year bull run might just be about to reassert itself and break through the flat patch that has capped its progress since late February and left it in the unfamiliar position of underperforming the MSCI World Index. The key signal here is the formation of a bullish emerging triangle, with key resistance at 2,120 points. Tempus Investment Research's proprietary five factor momentum model - tracking long, medium and short-term trends, moving average convergence divergence and relative strength - is still giving a neutral reading, but moving averages appear poised to break through the thresholds in the scoring system and drive it higher. If they do and a buy on the S&P 500 emerges - a close above 2,120 - then fix on an upside target of 2,200. John Schofield is the founder of Tempus Investment Research
