Possible market direction next week.

The weekly S&P500 chart shows that the market just broke out from a bear flag. The targeted price level in the coming weeks could be around 660.



However, looking at S&P500 daily chart. It could retest 850-860 area before the drop.



This is a different view from the earlier post on a possible bear market rally. However, I still think a bear market rally will starts from here as $VIX is telling me it is falling down and SPY bounce off from the lower channel line.