Believe it or not, S&P still has technical upside

I don't trade S&P futures but it's obvious that this thing has more upside, just going on a simple, multi-year channel analysis.
Yes, we know the perilous state of the US economy and that it's all rigged blah, blah, blah...
But one thing I've learned in the gold stocks market is that markets largely run according to technicals.
You can have a company with fantastic fundamentals and sure, people will buy it up and it's value will gain.
But when that stock is overbought, it will be sold, whether or not you think it's worth a lot more.