SPX Pushing Against Upper Channel Line

After more than two hours of trading, the S&P 500 Index (SPX) is at another new all-time high at 1648.63, with the SPX price structure pushing up against its upper-channel line that originated at the Nov 2012 low at 1343.35, and which cuts across the price axis today at approximately 1648.60.

If the SPX is in an old-fashioned blow-off, it should rocket above the upper-channel line towards 1665/70, which we notice also will mean a run at the upper Bollinger-Band line too.

Conversely, if the upper-channel line still means something-- i.e., resistance that has thwarted every rally for 6 months-- then the SPX might be much closer to a significant post April 18 rally peak than most everyone suspects amidst the current euphoria.