We widen our lens today, looking at the big-picture monthly chart of the S&P 500 (SPX) going back to 1980, a shift from the mundane minutiae of day-to-day activity. The monthly chart shows two secular bull markets (1982 to 2000 and 2009 to the current day) as well as two market crashes (2000 to 2003 and 2007 to 2009). The price structure of the current bull market versus the 1982 bull run is somewhat similar. The first bull was 18 years long, and the current is 17 years old and counting. The SPX rose 1,391% in the first and, at the recent high, the current advance is 880%. If the current run rises as much as the 1982 secular advance, that will target 11,574 for the index.

ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.

On Monday, the major indices were able to shake off higher interest rates, higher crude oil prices, and a 1% decline in Technology (XLK) to finish flat to down slightly. It wasn't pretty for most of the day, but a late-day pop cut into the losses. The S&P 500 ended flat, while the Nasdaq and Nasdaq 100 fell 0.5%. As was the case on Friday, Technology was dragged down by large and mega semiconductor stocks, with the hottest issues seeing the largest declines. MU fell 6%, AMAT and SNDK 5%, and FORM and ASX 6%-7%. There was a second day of weakness in electronic equipment (COHR -5%) and electrical components (FLEX -6% and CLS -4%). Software (IGV +1.2%) did well again and is at its highest level in 16 weeks, led by 3%-5% rips in SAP, CRWD, CRM, ACN, and ADBE, a 9% surge in NOW, and an 8% spike in ZS.

ServiceNow Inc provides software solutions to structure and automate various business processes via a SaaS delivery model. The company primarily focuses on the IT function for enterprise customers. ServiceNow began with IT service management, expanded within the IT function, and more recently directed its workflow automation logic to functional areas beyond IT, notably customer service, HR service delivery, and security operations. ServiceNow also offers an application development platform as a service.