Weekly Update S&P500

Last week I shared my thoughts and outlook on the S&P500, in the following post I will update my position and let you know what we should expect out of it for the following week.

First lets take a look at a 2 hour chart to get a better look at the current consolidation pattern we are in.

As you can see we are in a Flat pattern and if you look closely we had been trading within a channel which we have just broke out of. Now I am expecting to see some more downside however, it won't be that much more. If you see the blue horizontal line, this is the previous low of the channel. I do not expect the current downmove to break this line so we would be looking for an entry point for the next trade coming soon. I expect to see one more pull back toward the trend line and then more downside.

Here is a chart showing my predictions:

Hope you guys enjoyed my analysis, if you have any questions or comments leave them below and I will try to get back to you in a timely manner. As always have a great day and an even better one trading.

Previous post:
https://steemit.com/steem/@ricjames/64vn2m-daily-update-s-and-p-500