So after 3 days of consolidation she has a decent pop back into a sloping channel. A 50% retracement from the drop out of the wedge (day of the JPM downgrade) would be 40 -41. The 20ma is at 41.44. I think she can there in a hurry if the market responds favorably to tomorrows employment numbers. Longer term I will leave that up to trading/investment gods.
BTW If the SPY can get above 119.53, it could be a game changer. The bears are looking to short, sensing we will continue to make lower highs. If we break out it will be dramatic.