S&P 500 At Bottom of Price Channel

CME:SP1!   S&P 500 Futures
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S&P 500             is at the bottom of a price channel . This does suggest a potentially low risk/high reward time to buy, though in light of other elements of price action, I'm actually bearish . Note the reversal candlestick pattern from last week (previous candle), and the inability to create a new high that it implies; when price reached that previous high, bears came right in and pushed it down.

I'm not trading this, but if I was, I'd be bearish with a down side target would be around 1,600, and my stop placed just above all-time highs. This would provide a very nice reward/risk setup.
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