Pretty interesting channel, when S&P wasnt trading within this channel it was an instant free-fall in 2008. When it crossed above the mid channel it drove into a sharp rally to our recent highs. It just bounced off the mid channel confirming its support, massive bearish divergences on all indicators. Level i'm looking at is right around 2700 resistance level. Volume is significantly decreasing, helping show proof of a slowing market... sooner or later somethings gotta give, more loaning= more debt and quantitative easing. What's the fed going to do, does it matter that much at this point? A lot would have to happen... somethings gotta give. Although we might have a decent run up, i think the middle channel will get tested sooner than later. We will see! Looking to cross back into lower channel.
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