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SPX
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S&P 500 Breakdown
Rationale
TradingView idea: S&P500 Bullish structure failing on the 1D MA100. Target 7100. for PEPPERSTONE:US500 by TradingShot
TradingView symbol: US500
The S&P500 index (SPX) hit last Friday its 1D MA100 (green trend-line) only for the 2nd time since September 16 and 3rd since April 13. This was when the market broke out aggressively following the U.S. - Iran War bottom and entered the current 6-month Channel Up.
This pattern is similar to the Channel Up that actually led to the War bearish breakdown, which made the index correct all the way to its 1W MA70 (red trend-line). As you see the technical structure among the two patterns is …
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