Reports are now following fractal waves where title shows current MAP Wave Count and Outlook.
Monthly Trend Channels;
The SPX currently has 3 valid trend channels within which the 5 Monthly waves are expected to fall.
However prices have broken out so the break out channel is the most likely.
Prices broke the ML to make W1 and have broken out in W3 and held above the ML with only spike lows below. W5 is also looking highly probable to breakout so prices are expected to work their way to the MLU.
Resistance and Support
In addition to resistance shown on the bearish channel we have the following resistance and support which will limit short term upside.
Prices have bounced off the W123MLU as shown.
But still have a little upside potential to make the W234MLU. and support on the ML.
As it does with the bullish SFW234, and again support form its ML
Testing 2600 Q3 2016.