SP'daily5
Summary
You can clearly see the rising trend/channel on the daily chart..the 50 day MA is actually rising right underneath the channel!
With the 200day MA rising too @ 1333, the bears have an almighty task ahead of them, just to get back to the low 1300s this September.
Underlying momentum is now slightly negative, so I do anticipate net declines between now and the Friday close, with perhaps a bigger move on Monday (weekend doomer news?).
Yet, lets be clear...attaining any daily closes under 1380 will be very difficult, and considering the Bernanke is next Friday, I'd guess there is more chance of a bounce off the trendline..than a break through it.
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Time for lunch...back at 2pm.