[S&P 500] Between a rock and a hard place. Choosing hard place?

Thanks to @Dr_Roboto for identifying some of the lines and trends reflected on this chart. The S&P 500 is within 12 hours of hitting a rock (a very wide red-lined down-channel between Aug. 26 and Nov. 27) and a hard place (a light-blue-lined uptrend since Oct. 30). The price has to break through one or the other, and as I type it's leaning toward the light blue Oct. 30 uptrend (bearish).