"... and that chart looks good to me for a breakout soon"
Yes, I think so.
On Friday 23 August the sp broke down the upper support line and bounced to the resistance line. And on Thursday 29 August it again broke down the upper support line and bounced to the resistance line the next day. Before that we can see that every time the sp reached the resistance line (starting on 15 July), it dropped back straight to the lower support line before it bounced back to the resistance line.
So the sp seems to be consolidating closer to the resistance line waiting for an opportunity to break out.
PLS chart, page-22936
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