First chart is the S&P 500 weekly going back to the 2007 high. Recent action looks like a wedge. Wedges are reversal patterns. The pattern may morph in to something else, so how would we know that the wedge is operative? Either the market turns down hard now from its test of the upper line, or it completes a brief throw-over.
Next the daily chart, zooming in on the wedge. Whether or not we see a throw-over, a break lower from the short term trend channel would be a bearish indicator.