S&P 500 $SPX Breaking Down?

Hello again students of the market!  In our last article, we explored the impulsive channel that the $SPX was following and for the first time since then, we are seeing a potential for a breakdown, but the bulls have multiple ways to defend their trend.

The $SPX is coming off two green quarters in a row and starting to show some red, but there is plenty of time left as we wait for more interest rate rhetoric.

In fact, the bulls have symmetry on their side to potentially project a move to over 6000 in the not-too-distant future.

That said, the bears have a chance here as the tight impulsive channel is starting to break down, leaving room (see arrow) to the larger channel below, and still holding several bullish wave counts.

Check out more in this video!

Dr. John

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