S&P 500 - False Breakout?

FX:SPX500   S&P 500 Index
It looks like the S&P 500             breakout a couple of weeks back has collapsed in on itself. We're back under the resistance zone and 2040 support.

I see three scenarios:

1. Equities are losing the upward pressure and we're heading lower over medium/long term
2. We're in a large range from 1800s to 2100s.
3. We're consolidating for push higher.

Time will tell. Trust the price action.
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