ES1! SPY SPX - S&P500 Channel Test

Since August 2019, the S&P 500 has entered into a "Channel" formation between 2823-2946, with trading being quite choppy ever since.

Despite the market's volatility throughout August, it appears that the S&P 500 is making strides in trying to exit this "Channel" pattern to the upside.

Two indicators to support the S&P500's move higher is:
1) The S&P 500's rising RSI momentum ("Higher Lows and Higher Highs") indicating investors are steadily moving back into the index; and,

2) The S&P 500 is still above its green trend line indicating that the upward momentum is still intact.

If these two trends hold, we could see prices making a move higher to 2980 - a Key Monthly Resistance Level (Blue)

Komen:

The $SPX is still bouncing around within its "Channel" formation, with the price bouncing off its Weekly Support Level of 2892 (Orange).

This level will remain crucial for the $SPX as it tries to break out of this "Channel".