S&P in a Range… awaiting news

Despite big daily moves of late, the trend has been sideways, as the S&P remains trapped between the 50 day moving average (blue – above) and the 200 day moving average (red – below).  It has traded to the top of what could be a developing falling channel.

Looking longer term, the S&P appears to be supported by a rising weekly trendline from the 2009 bottom, the 200 day moving average (blue in this weekly chart, as it’s the 50 week moving average), and the trendline from the 2007 top through the 2011 top.

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