Since the start of 2016, the S&P has spent the majority of the time inside rising channel (1).
In January the S&P hit the top of the rising channel and selling quickly took place, taking it down to test rising support in a matter of a couple of weeks.
The softness of late has the S&P facing rising channel support and its 200-day moving average at (2).
CNN Fear & Greed Index-
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The S&P’s upward trend remains in play until it breaks below rising channel support and its February lows.
The iShares S&P 500 Index ETF (IVV) rose $0.39 (+0.14%) in premarket trading Friday. Year-to-date, IVV has gained 4.06%.
This article is brought to you courtesy of Kimble Charting Solutions.