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For the past couple of years, the S&P 500 has remained inside of a uniform rising channel, highlighted in blue above.

On 8/21, the S&P 500 broke below this channel, breaking this two year pattern.

After the break the S&P has attempted rallies, knocking on the underside of old support as new resistance, two different times.

One of them was yesterday, as the S&P was up strongly for most of the day. It got real close to the underside of this channel and it created a reversal pattern yesterday, commonly known as a bearish wick, near the 2,000 level at (1) above.

The 4-5 year rising channel trends are still play, yet the shorter-term, 2-year channel has now been broken to the downside.

The S&P is knocking on the underside of a new resistance channel. For the S&P to continue higher, it needs to first knock down resistance and get back above the 2,000 level.