Where are the stock markets going now : SP500 month. WARNING. The monthly top of the channel has been hit at 1.625. in the first diagram. The second diagram shows a very much higher top compared to the rising 8 Month MA. There is from now a big danger that the SP500 could have or is close to a top from which a strong correction can start all the way down to the 8 MA. The index is extremely overbought.