EmpowerTrader
Long

S&P500 Potential Bearish Reversal

SP:SPX   S&P 500 Index
Trade Idea: Bearish Swing Trade

S&P500 had a strong recovery after wiping out most of last year's gain. Since then price has been in a pullback, where price seems to be trading in a bullish channel . Now price is trading at the topside of the channel, in which price has been struggling to break the current trend. Thus, it indicates a potential move for a bearish reversal. In addition, US-China trade talks came out with no major announcements. Therefore, this could be a potential catalyst for a reversal.

Trade Step-Up:

Scenario One: Price rejects a break from current resistance level . Look for price action to swing to the support level of the bullish trend at around 2530.00 to 2515.00 level.

Scenario Two: Price continues its reversal and breaks the support level of the bullish channel . Where price plunge to fill in the gap made back in January 4th.
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