S&P 500, below median line of ascending channel
The index has touched the median line and has been rejected so far - the 2900 area is a tough one to crack.
Money Flow Index is slightly bullish >50, but with the risk of inverting.
Bias at the moment is Neutral-Short, would flip to Short below 2880, even more so on the confirmed break of the 1st descending trendline (2870-2860 - faint red).
There also could be a triangle pattern if the S&P were to fall below the 2nd red trendline, but that's getting a bit too far ahead for now.
Interesting that the apex of such triangle would be close-ish to the days of the G20 meeting (June 28-29, target area 2780-2790).
Before that, watch out for the Fed meeting on June 19.
Money Flow Index is slightly bullish >50, but with the risk of inverting.
Bias at the moment is Neutral-Short, would flip to Short below 2880, even more so on the confirmed break of the 1st descending trendline (2870-2860 - faint red).
There also could be a triangle pattern if the S&P were to fall below the 2nd red trendline, but that's getting a bit too far ahead for now.
Interesting that the apex of such triangle would be close-ish to the days of the G20 meeting (June 28-29, target area 2780-2790).
Before that, watch out for the Fed meeting on June 19.
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