The picture shows that even though we are currently making new highs on the nominal S&P index and hitting a long-term resistance, the true long-term ceiling is at about 40 weighted points away, so we could see a continuation of last Friday's rally next week. Moreover, we just broke an upward channel in a very manner, so we could be transitioning to a new, higher channel.
However, both the and the ( ) are quite high, so we could see a retracement to the higher channel resistance (at about fib level 2011 on the weighted index, about 40 points lower). If the higher channel resistance is broken, we could see a further fall to the second fib level, 100 weighted points lower at from the current level.
Also, season is here, and the results will very likely be disappointing, driving the index down.
If you plan to trade the S&P E-Mini in the medium-term (days, weeks), you could do the following:
1) Buy a move on Monday, put a stop loss at the higher channel (2022) and sell at the long-term resistance (2089).
2) Buy a bounce from the higher channel and sell at the long-term resistance.
3) Sell a break on the higher channel with target at the lower channel (1949).