Last week we saw the S&P 500 rally up to challenge resistance at the 1305-1315 level before pulling back. The manner in which this rally reached this resistance suggests to me that further upside remains ahead for this index. One of the traits of this rally that I find interesting is the trend channel that formed with our recent upward movement. We can use the way prices move within this channel to gain greater understanding of the future movement for the S&P 500.
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