Using a log scale monthly chart of S&P Midcap 400 index, the green uptrend channel is extended all the way from the inception from 1992. This is a valid long long term uptrend.
However, for the last 4 months ever since the price broke through 1400 psychological level, it wasn't able to make a gradual increment towards 1500.
And the monthly closed showing that price just closed below the 8EMA, based on the current uncertainty, price might drop to 20ema and if support exist, it MIGHT have its last puff of pushing well beyond 1500 which coincide with the upper channel resistance (in blue) and then finally make its way down to the lower channel support.
However, for the last 4 months ever since the price broke through 1400 psychological level, it wasn't able to make a gradual increment towards 1500.
And the monthly closed showing that price just closed below the 8EMA, based on the current uncertainty, price might drop to 20ema and if support exist, it MIGHT have its last puff of pushing well beyond 1500 which coincide with the upper channel resistance (in blue) and then finally make its way down to the lower channel support.