SynapseTrading

S&P 500 (Daily Chart) - Aftermath of Midterms

SP:SPX   S&P 500 Index
Over the past 2 weeks, we saw a very strong rebound from the selldown, but the big question is whether this is a temporary rebound or the start of a larger downtrend.

I think the key level is the yellow zone I highlighted, because if prices manage to break below it, then the downtrend is confirmed.

Currently, I expect a lot of sideways trading in between this support zone and the price swing highs, and bulls and bears battle it out to see who will emerge victorious.

Personally, I am more inclined to the bearish side.
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