The SP500 has rallied over 62 points since the March 16 low, and in some respects it is beginning to feel like the correction is over. Even so the tenor of the rally is not impulsive and the volume is lacking. We can see from the chart below the index has swung from a high at the upper inside channel line to a low at the lower inside channel line and now back to the median line. Having tested the median line from the underside the most likely course is for another decline to follow. Whether or not that decline makes it all the way to the lower outside channel line remains to be seen, but in order for the correction to be declared over, the SP500 will need to hurdle and sustain back above the median line.