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 . 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 reversal. In addition, US-China trade talks came out with no major announcements. Therefore, this could be a potential catalyst for a reversal.
Scenario One: Price rejects a break from current . Look for price action to swing to the of the at around 2530.00 to 2515.00 level.
Scenario Two: Price continues its reversal and breaks the of the . Where price plunge to fill in the gap made back in January 4th.