S&P has crossed below the long term channel up for the first time since it started in October. Levels to watch: - The Resistance is at 3340 while the Support (short term) at 3235. - The price not only crossed the ascending support of the channel up but also the MA200 on the 4H chart. In fact it crossed it twice in 3 days, which is something we haven't seen...
The S&P 500 is likely to edge higher during the following trading sessions. If the SPX breaks the significant resistance level at 3020.0, a surge towards the $3100 area could be expected. However, if the aforementioned resistance level holds, a decline towards the $2850 region could occur.
Pattern: Channel Down on 4H. Signal: Bearish as long as the previous Lower High doesn't break. Target: 2820.