S&P Controlling Channels

Note the market respecting the channel from 2004.
Large rising red channel has a range of approximately 240pts., allowing for large moves while still remaining within a positive trend. Market technically remains within a positive trend until we see a break of the lower red support.
Technical confluence of several significant s/r's has us looking towards the target indicated on the chart if a pullback occurs.
Lifting through the light red channel resistance from 2004 could see the market move to the top red channel resistance and potentially the upper target indicted at technical confluence.