The S&P500 index (SPX) has been trading within a Channel Down pattern since the February 25 High. Yesterday’s Trump-fueled rise stopped just below the 4H MA100 (green trend-line), which has been the pattern’s major Resistance, and got rejected.
Given that the 1D RSI also remained below its MA (yellow trend-line), we believe that the pattern has already started its new Bearish Leg.
The first Target on the previous two Bearish Legs has been at least a -3.41% decline. That’s why our short-term Target on this is 6470.
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