Channels, and More Channels

A few days ago, I wondered if the early December surge in the SP 500 Index would reach the top of the trading channel.  It did.  Here's an updated look.

It touched the channel top on Dec 7, and has been dropping since.  I've outlined a few channels.  The big one originated with the July 8 peak, and its top line has been touched several times since.

The lower channel boundary is a parallel line off the August 9 bottom.  Upward activity has been within a channel made by connecting the Oct 4 and Nov 28 lows to define the bottom.  I've place the top boundary on the Aug 31 high.  Other interpretations are possible.  I like both of these channel definitions because the mid-lines seem to have some support-resistance characteristics.

I've also included a new down-sloping channel from the Dec 7 top.  This may broaden if downside activity picks up.  As things are headed, the index could break out of the up-sloping channel just about as it crosses the Rubicon, one more time.