posting two charts - both equally interesting...
first the long term chart - 3 years chart showing the break above the downtrend (in blue)... that is a significant break and that too with conviction.... the one above the green is a break of the one year downtrend and we can see how swiftly the sp rose in the last month... with the break of this 3 year downtrend, I will expect a similar rate of rise if not higher.... its all about the momentum imo...
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the second is the shorter time frame chart where the sp had "slid" (highlighted in YELLOW) out of the sharp rising channel AFTER it had broken the one year down trend in September.. yesterday's big move brought it back within this channel... the angle is pretty steep so I am not sure how long this can be sustained but looking at the last 30 trading days or so, it has not been a problem.....as they say, the trend is your friend, so we might as well start believing in its continuation for the time being...
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these are just my observation as a learner of TA.... please dyor.... I have no idea of what I am doing most of the time
(20min delay)