Until SPY breaks this channel decisively to the downside , The trend is most likely to continue . As evident , all the negative news , & panic have been very well contained inside the channel & SO it Deserves the Utmost respect.
Only a Break out of this Channel can Lead to a decent correction !
But that said , This channel has to be broken for any real bear market correction can occur ! Remember this channel very well contained deep sell offs many times in the last 3 years , so we have to be a little more cautious !
If it continues without a correction It would be very surprising. I don't think S&P will continue straight up without at least a 100 point correction, given weak market Breadth & weak buying volumes . NO catalyst to fuel an extended rally !