Whilst this channel isn't yet clearly defined unless it can bounce off this level, it can be drawn at a time when some key markets are holding significant support and the NASDAQ and S&P 500 still look to be heading higher in my opinion.
See here for my view on NASDAQ. https://steemit.com/trading/@technicaltrader/nasdaq-analysis-pennant-breakout-further-gains-expected
The daily chart of FB is also starting to look more promising. Price is currently tracing out a falling wedge so momentum looks to be waning. I'm watching for a move out of this pattern to the upside. This will give us more information about the future direction of broader indices.