Will the S&P 500 break this range?

After quite the rally in the market this week, sparked by positive reactions from the FED speak on Wednesday it will be interesting to see if the market can break it's most recent channel.

Break on through to the other side...

Looking at the daily chart above you can see the descending channel I drew that has been in place the past few months.

Now after the rip higher this week some profit taking would not be a surprise, but that can still occur without the market dropping all the way back toward the recent low.

Some consolidation while the short-term moving averages catch up would be fine by me as any move higher in the near-term will really be extended and create an over bought scenario.

There will likely be some resistance at the last top at 4,385 which is only 25 or so points away from today's close.