traderdan59

S&P seems to be very Bearish till end of June and Perhaps Summer

SP:SPX   S&P 500 Index
S&P has a Top forming H&S pattern and at the very neck line of the right shoulder there are two significant Gap down days. Even though the Gaps were closed within few days, price is still below the right side Channel upper line.
As long as price stays below 2900 and the Upper line of the Channel, it is Bearish for S&P 500 .
I noticed that after a Channel is established which ever direction market first breaks the Channel, is the direction of the the market in short term. Just my personal observation.
Price broke below the bottom line of the Channel first and retraced to test the Upper line of the Channel.
I believe sometime this coming week S&P will trade below the neck line.
If market goes below the bottom line of the current Channel in June than we can expect S&P to test S6 support line by end of Summer 2019.
The catalyst to this argument is that Bulls have to defend 2800.
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