Last night the S&P 500 tested and rejected the bottom line of the overhead short term consolidation channel illustrated below (and previously). The chart also illustrates the up trend channel from the bearish scenario from my weekend post. This scenario is strongly bearish for the S&P 500. Charts include all sessions trade.
The bullish scenario from my weekend post is illustrated below, and is hanging on by the skin of its teeth. Only a rally up through the bottom line of the overhead channel, ie. above last night's high, would boost the bullish case.