The upper boundary of this channel currently sits at 1628, which should prove to be significant resistance as it also corresponds with the 38.2% Fib retrace of the decline from 29 Feb to 16 May. A close above this level would go a long way to confirming the bullish case that the correction has run its course.
However a sell off from this level will portend a return to the 1525-1530 support zone.
We watch with interest.