Market has been on side ways mode since earnings began.
the pattern of the sp500 is clearly showing that he waiting for a soonest clear singal for to know if we go long or short basic chart reading- good for beginner who ant study this basic chart setup
Let's take a look at a different angle on multi year SPX run - SPX Euro hedged. Almost 45 years of bullish market with price action in only the one upside channel, with 2 exceptions that were resulted to US recessions . So what about 50% decline to early 2020x.
Mirror Channel Down pattern developing on 1D as 2,741 has been priced as the latest Lower High (ADX = 21.036) on the current 2018 bear cycle. 4H has already initiated its Channel Down (Highs/Lows = -10.9821, BBP = -14.4680) with only MACD = 8.280 supporting from further downtrend. Expected targets are the supports (2,697.60 and 2,680.50 the most immediate).