Multiple trends at play right now - which one will prevail?

The over all market is not in a V-shaped recovery, but a more gentle angle, still up... at the moment the SPX is consolidating in the yellow channel. At this instant we're looking at resistance. If it goes above and turns that into support by a re-test, then we're up for a day or two. If it gets rejected, then we're down for the rest of the week.