SPX is in a parallel channel; testing the lower limit. If price breaks below, it'll be a very bearish signal.
If the US-China tensions ease, we could see a bounce on the upside. Watch closely as any comment from the Trump administration could also sink the market. His treasury secretary just threatened China and warned them against devaluating the Remnibi. Also, keep in mind that the S&P is in its longest bear run since 2016 (prior to Trump's election). Markets could shift one way or another easily. I tend to be more bearish as the IMF just revised its outlook for next year growth on the downside. Bonds yields are going up, and oil prices are high.
If the US-China tensions ease, we could see a bounce on the upside. Watch closely as any comment from the Trump administration could also sink the market. His treasury secretary just threatened China and warned them against devaluating the Remnibi. Also, keep in mind that the S&P is in its longest bear run since 2016 (prior to Trump's election). Markets could shift one way or another easily. I tend to be more bearish as the IMF just revised its outlook for next year growth on the downside. Bonds yields are going up, and oil prices are high.