Channel

The session started with a slight drop of 0.22 points and then proceeded to test the Resistance at 1048.8 . The rise was stopped at 1048.18 and finished the day at 1042.73 . Looking at the Lower Chart one can see that the price action of the Index has been confined to a narrow Ascending Channel...

There are a multitude views on the subject . Depending on your time frame , the Index will either go Up or Down. In the short term there is , in my opinion, still some upside before we get a modest correction. Chart One : Daily SPX 500 This shows that since early July the price action of the...