S&P500 violated the uptrend channel on Tuesday April 26th, big institutions managed to squeeze the shorts and pushed the S&P500 back to the channel. I don't know if channel is going to hold this time or not? today action was a classic short squeeze. Indicators sending mix signals at this point I'm not sure whether rally has any legs or not? We have to wait to see what is going to play out with in next 3 trading days.
If S&P500 gets above 1228 I can say for sure that big institutions could trap the bears again. I give 45% chance for continuation of rally to 1228 then S&P should roll over. I give only 2% chance on channel break out to the upside, if S&P500 drop below 1200 I give 53% chance for big drop to 1152. Please pay attention to 1152 as the major support, in near future. If S&P500 breaks it and bulls fail to push the market above 1152 with in 2-3 days things will get ugly very quick.