A Clean Observation Path

With the gap higher this morning, the S&P 500 looks to obeying a well-defined falling channel since the FOMC Announcement two weeks ago. 

On the hourly chart, zoomed-out, of the SPY (ETF for the S&P), below, note the light blue lines illustrating how price has been respecting those channel lines. A breach and hold to the upside, say over $192 or so, would continue to build the short-term bull case for some type of low in place, whereas failure at $191.20 puts a fade back into place.

Into the end of month/end of quarter today, plenty of stocks are bouncing back from oversold conditions. TSLA, however, faded to red off the open in the wake of the Model X event--I am still looking to see if leading stocks regain leadership status in terms of being out in front of the market.