Option Investor
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Looking at the price action for SPX since the pullback low on March 17th it all fits in a parallel up-channel. SPX is now approaching the top of the channel near 866 (but there's a price projection near 863 which could be the high for today's rally off the low). Considering the bearish divergences at today's (and Thursday's) highs I'd say it's closer to a pullback than a breakout. Today's high could be it for the rally so stay in protection mode if you want to protect against the possibility of a deeper pullback from here.

SPX 30-min chart:
[Image 1]

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