With the SP touching 304 we have completed the pennant breakout...

With the SP touching 304 we have completed the pennant breakout from yesterday. The SP is still in the channel however. It needs to break and hold above 304 today. Assuming yesterdays low of 282 was a false break, the bottom of the channel today is around 281.

Interesting action today. It has retreated today from a high of 304 to around 289 now, but it looks like very little in the way of stop losses has been triggered when the size of the move is considered.