A Case For S&P Support

The market drop stopped at several long term supports, as well as a Fib cluster. Along with the W%R now lifting from the -80 level, this chart shows that there is a possibility now for more lift. The recent drop remains within the long-term red channel and shows that it has been a consolidation move, and currently remains within a positive trend.
IF all these supports fail, we can see the next lower likely market levels it will again pause at.
Otherwise the current lift is the start of a new wave and potentially new highs to come.