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Is This an End or a Beginning of a Rally?

(SP500 : Daily Chart)

US Stocks closed yesterday with record highs and continuing its surge today after the ADP Non-farm employment change data. The bullish price action even after the series of weak US data is giving a signal that the investors are bullish on the economy and expect growth in the second quarter.If we look at the daily chart the index seems to be trading within a rising wedge and gains seems limited now as rising wedge gives a bearish signal. Accordingly the index might decline below the support trend line of the wedge.

(S&P500 : Weekly Chart)

However if looking at the weekly chart, the index seems like trading within a upward sloping channel giving signal that the index might continue to move higher. Moving Averages are also aligned in the upward direction signaling continuation of a rally.