Charting the S&P 500: Market Strives for 'Elusive Channel' Amid Big Swings
The next couple of weeks are key.
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As we mentioned last week, the S&P 500 index was making its way toward higher ground, the elusive channel we have drawn that starts way back in 2022. That channel is golden for the bulls, as we see from 2023 and 2024 when price was moving up and making higher highs, higher lows. Such is not the case this year, however, especially when that breakdown happened in April.
Can the bulls recover here? Well, it's going to take some effort. That trendline just above where price is at continues to move higher. That is problematic if the index cannot move to higher ground. Last Tuesday's big surge seemed to be the "gamechanger," ready to push the S&P 500 through, but it was not to be.
Indicators did not move much and remain bullish, so those are tailwinds. The next couple of weeks are important for this uptrend to continue.
