SPX did not break down, 7900 likelyS&P Index Cash CFD (USD)VANTAGE:SP500rsitradesNo breakdown and now we're coming out of a channel. Unless it reverses today, there's a good chance this is a breakout to 7900. So another high looks likely. The 4 hr bullish divergence also should not be ignored here. Some beaten down sectors will likely rally hard if this is correct. If they take out yesterday's low, then they will have a false breakout and that would be bearish. I will update if that happens.