Breakout in E-mini S&P 500 or retracement to bottom of channel

Without a doubt, the trend on the S&P 500 has been bullish. Will this momentum continue and will it breakout the 3850s today? A bullish crossover in MACD and Relative Strength now pushing above 50 indicate the probabilities are in our favor. Fibonacci extensions suggest an upward target of around 3884. That is a nice 1.5R on one lot. The volume will show us conviction in which direction it will go. Be aware of a possible fake out if the volume does not confirm.