Short

Volatility remains high, no clear direction

Updated

With increasing uncertainty and recession concerns increasing, it's highly possible S&P will break down. Since the crash at the end of 2018 the S&P has been buoyed up but now that upward impulse is running out of steam. There is a clear descending impulse developing as the highs slightly curve downward inching away from the upper bound of the ascending channel. The support on the lows has stagnated. S&P needs to break upwards soon, or it will trade sideways and eventually turn downwards

Note

Also notice the clear, exaggerated oscillations going more than half the channel width at times, since the market crash. Before the crash S&P generally traded in a steady climbing manner. Now there is obvious indecision and fear entering the market

telephoton

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.