S&P500 Top formed on the 19 month Channel Up. Correction to 4950

Short

US 500 (CAPITALCOM:US500)

CAPITALCOM:US500 US 500

trendanalysis chartpattern indicator spx us500 standardandpoor500 es1!

The S&P500 index hit yesterday the top of the 19 month Channel Up. That was the first time since it started trading.
This is a strong sell signal and considering that the MA50 (1d) has been intact since the November 3rd 2023 bullish break out, we expect to cross under it now.

Trading Plan:
1. Sell on the current market price.

Targets:
1. 4950 (-6.00%, 0.618 Fib and Support A).

Tips:
1. The RSI (1w) is posting the same sequence just under the Rising Resistance that it did during the July 27th 2023 High. An additional sell signal.

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Notes:
Past trading plan:

S&P500 Tight Channel Up calls for buying unless it breaks.

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