$SPY channel after double top and bottom

4 thg 11, 2020

The S&P500 seems to be trading in a channel, indicated by the double top and double bottom in September and October. The faded line channel indicates a convergence on the 25th of January, which is coincidentally the Monday after Inauguration day. The spot price of the convergence point is 338.3, which is coincidentally the pre-Covid-19 high. I'm looking for a clear, sustained break above or below the trend lines plotted. I assume it will be to the upside, on or leading up to official news that stimulus is passing.