In what was shaping up this morning to be a rising channel has expanded in width. This chart shows what I now see as the current channel formation that will control the flow for the rest of the day.
It is important to note that a rising channel, when broken to the down side, means a switch from bullish to bearish in this time frame.
Watch the lower channel (rising red lines) level. A break below that level will turn the markets direction in the short term back to bearish.
S&P 500 Futures Chart
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