SPX Weekly Chart Upward Channel

We continue to post this channel chart that represents the market bulls last ditch effort to stop the slide.  Last week the lower rail failed locking in intermediate and long term market weakness. By late week, however, the bulls pushed it back up to the bottom rail.  Keystone told you to look for the back kiss so the move up was not a surprise.

Note the blue channel that shows price tucking itself back inside the channel indicating that the bulls want to try and not only stop the market slide but try and get some upside going again.  The light red lines, however, show an upward channel where price simply completed the back kiss and remains under the channel. This back kiss indicates that price will collapse.

There you have it, the last hope for the market bulls. Choose your channel, red or blue. This week will show resolution and decision, watch price behavior closely in relation to both these channels closely this week. Market bulls want the blue channel to hold, makret bears want the red channel to hold. The indicators are moving lower with price (except stochastics) hinting that lower prices are coming in the weeks and months ahead. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here or anything linked to this site. Consult your financial advisor before making any investment decision.