XLY 76.96: Consolidates within a 3-1/2 month rising channel

XLY has been range-bound within a 3-1/2 month rising channel (as shown on the daily chart). While the 75.44 low (June 9, 2015) near rising channel support holds dips, clearing 77.40 (June 3, 2015 range high) would signal return of strength to open 77.89 record high (April 27, 2015). Above would open the 79.79 projection. However, failure to hold 75.44 would suggest topping and weaken towards 75.03 then possibly 74.23.
Short term: neutral
Long term: bullish