But since July 2014, the index is not in a position to hit the upside of the channel and even worse, there isn't the power that use to make SPX although the index has hit the highest high.
The question is what will fuel the market? European will not be enough. ALthough there is no more FED's that will come to an end in October, there is still cheap money in the market but no appetite.
Therefore we are either in a correction process, or in a change of trend for a bigger correction.
My guess is that we do have the initial sign of a bigger correction. Let's wait and see