I couldn't help but look at a chart tonight. The one in particular that caught my attention was my long term channel chart above.
What I noticed was the intersection of the yellow and red channels particularly where the market has been stuck in a range the past few months. I removed the 25 and 75% channels. As you may notice below, the intersecting channels traced out a pretty decent looking diamond pattern.
So we may be at a cross roads here in terms of a breakout of this pattern. The target for this pattern is approximately 1250. Don't forget about the inverted head and shoulders pattern as well.
