The S&P 500 has been slowly climbing this week after the most recent drop down. From what it looks like, the charts are making a corrective pattern in the possible form of an expanding flat. Now since we see very slow and choppy uptrend, I can see a break of this pattern to retest the lower support once again. If you are already in the trade, I would wait to see a break of the trend before exiting the trade because this could continue all the way to the top and you don't want to get out too early.

Looking at the 1 hour chart, you can see how choppy this current move upwards has been. Also it is actually creating a channel so it will be interesting to see resolution to that. I am expecting to see resolution to the downside, and it could start with a giant downward move come the opening bell on Monday. But as of right now I would wait for any entry until we get a buy set up. If you are looking to sell the breakout on this 1 hour chart, wait for a break of this channel and when it pulls back towards the channel enter your trade with the target being the lower trend-line.

If you are looking for a more profitable and longer trade, I would wait for this current move to resolve itself and give us a better buy signal for the larger move upward. If you are looking to go long on the S&P I would only play a long position until it hits the upper resistance line as I see this giant running flat to terminate with a large downward move.