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
Comment:
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