S&P 500 Weekend Update

• Daily line chart shows a steady up move. right now the index is at the top of the channel with chances of either a breakout or a reversal from the top of the channel which will be supported by the ascending channels support line. Line chart shows good support at 1158 - 1160 area.
• Trading above 1160 index can target 78.6% level at 1175.
• If a sell off happens the channel is positioned in such a way that it forms another higher low. Problems for the bulls happen if the higher low higher high structure gets broken. Till then slowly but surely this is going up.