Each index remains inside of channels that have been in place ranging from 9-years for the Nasdaq to 30-years for the Dow and S&P 500.
Each hit the underside of these long-term rising channels back in January and since then have been very choppy with little net progress, just under the top of the rising channels.
What could put an end to the choppy action? Breakouts of long-term rising channels!
What do bulls not want to see? Selling pressure starting at the top of rising channels.
The SPDR S&P 500 ETF Trust (SPY) fell $0.33 (-0.12%) in premarket trading Thursday. Year-to-date, SPY has gained 2.02%.
This article is brought to you courtesy of Kimble Charting Solutions.