SPX: Broke the Channel

The SPX broke the upward channel which is currently pointing to more of a consolidation then a break-out.

With the close at 1277 today it's stick between the 8MA and 20MA on the daily and still well below the "declining" 200MA (downtrend).

The SPX has put in two consecutive "up" days as it kisses the backside of the upward trendline. Keep an eye on the price in it's relationship to the 20MA. For any sustainable bullishness it will need to be above the 20MA.

SPX Daily Chart: