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S&P500 at Key Resistance Level a Head of Midterm Elections

Short
SPDR S&P 500 ETF TRUST (AMEX:SPY)  
EmpowerTrader  
AMEX:SPY   SPDR S&P 500 ETF TRUST
Trend Analysis Harmonic Patterns Chart Patterns SPDR S&P 500 ETF (SPY) S&P 500 (SPX500) SPX (S&P 500 Index) DOW dowjones
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trendanalysis harmonicpatterns chartpattern spy spx500 spx dow dowjones
Last week, price had a nice recovery by ending the week with at least 3.5% gain, after bottoming out at 260.00 last Monday. Now price is trading just under the topside level of the bearish channel. With elections tomorrow, the market is bound to enter a period of very high volatility. This means that price could easily reverse back to the bottom level of the trend as volatility peaks again tomorrow.

Trade Step-ups:

Bearish Reversal: Price rejects a breakout from the current bearish trend, price reverses to the bottom level. Profit levels to look for are 265.00 & 261.00.

Bullish Breakout: Price breaks current trend, look for consolidation above 270.00. If price breaks this level look for a move higher.
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