ES1!, Uptrend is Intact

One of the robust methods to gauge a trending market is to watch the price reaction at the trend lines and channels. The S&P market remains in the up trending channel since April 2020. Most recent retest of the lower edge of the channel provided a decent reaction leading to a new all time high. However, the market closed the week retesting the channel structural element. The next week should provide more clarity on the potential reaction.

4/4/2021