SPX Weekly Chart 3-Year Upward-Sloping Channel

We have watched this chart for months now, ever since the bottom rail failed during the August crash. Price came up for the expected back kiss in September, and pulled back which should seal its fate. But the green arrow shows the positive divergence that had formed to bounce price instead. So SPX comes back up again and actually hops inside the channel during the October orgy rally.

But, price collapsed thru the bottom rail again, and the fight for that bottom rail continues along for a half-year. Note the 200-week MA plays an important support role for price.   Also, note the importance of the 50-week MA as overhead resistance at 1267.48.  SPX is currently printing 1276 trying to overtake the moving average and allow it to jump back up into that channel.  The confluence of the 50-week MA, bottom rail of the channel and horizontal support at this area elevates the behavior of price at this juncture.  Price is making an important decision currently.  It has to move up sharply from here to return into the safety of the channel, or collapse from here, failing to overtake this confluence area. The next couple days should provide the answer.  This information is for educational and entertainment purposes only.  Do not invest based on anything you read or view here.  Consult your finanical advisor before making any investment decision.