The chart discounts about 5 days of trading. There are three closes and two opens that have been ignored. I start the lower boundary where you do, but have it drawn horizontally. It encompasses all but the long tail.
I think every trader(including me) or chartist has assumed the current rally is part of a bear flag, or return to the so called giant head and shoulders neckline. Well why couldn't the S&P print a giant double top, or go back to the 1160-75 area(huge resistance there)?
======================== QQQ looks like reasonably strong uptrend; tends to be the strongest of the 3.