Bullish on SPX

A bullish pennant is forming on the 1 day chart. Aggressive traders can enter now on the lower side with a stop loss below the pennant border. More conservative plan would be to wait for a breakout above the upper border and then place a stop loss below the upper border. 200 day and 50 day MA as well as the lower pennant border all should provide support as we work our way towards the upper border.