We see a long rise of the SPX500 within the yellow channel. Bulls are full of strength and they push the price up hard. This is evidenced by the fact that the price has been above the moving average for a long time. And in those cases, when the price approached the red line, we saw a rebound from it, and the bulls moved the market up with even greater force.
Thus, it can be assumed that the market growth, in the same manner, will continue to the target resistance level of 3182.4, which is on the upper bound of the yellow channel.
However, there is an alternative scenario. If we see a break below the moving average near the support level of 3064.6, the bulls will lose their potential, and the bears will take control of the price behavior. In this case, a decline to the level of 2930.8 is possible.