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Earlier this year we highlighted the possibility that the S&P 500, having been rangebound since mid-2014, was stuck in a box formation that was last seen in the 2006-2008 period, and ended in the Great Crash of 2008. That box has been broken, but not to the downside. Even when we talked about it, price action was showing remarkable resilience. Once again the S&P 500 has tempted in a barrage of short positions, before turning around and moving higher: