S&P 500 testing linear regression channel from 2020 low

You can see that the S&P is currently testing the regression channel from the 2020 low. If it can retake this channel, then the bull market is back in action and the last few months were your chance to buy the dip. If this week cannot close above, then the most likely outcome will be a new lower low (likely the 400 range).

I tested this theory by using the regression tool on previous rallies. It seems that if you can extend the regression and the dip or rally goes back in the channel, then the bull market continues. If you extended the regression but the price cannot make it back in, then it is bear market, which is usually indicated by a strong red candle down away from the regression on the weekly.

Comment:

With some fib levels and abc waves