The S&P 500 intra- day 5 minute chart clearly shows the index is in an upward channel, see chart below.
Upward channels normally resolve to the downside. A drop below the lower channel, with confirmation, Could indicate a short term reversal of index.
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| NASDAQ | 2778.79 | ||
| S&P 500 | 1295.22 | ||
| GLD | 154.55 | ||
| OIH | 35.48 | ||
| SSG | 43.40 | ||
| AAPL | 530.38 | ||
| CRM | 145.58 | ||
| NFLX | 69.96 | ||
| VMW | 97.90 | ||
| RXD | 18.20 | ||
| SSO | 49.32 |
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