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S&P finding resistance at top of channel

By Dr_Roboto
Updated
US500 (includes extended hours) showing resistance at top of the down channel started at the beginning of 2022. Is it time to breakout or is it more down? I say down, but I am hedging both ways.

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End of day Tuesday. Rejected off of channel resistance, but still above 200 day SMA. Look for a break down below the 200d to confirm continued downtrend (see Dec 5th), else look for rally off of 200 this week.
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Not a great sign to see the selling today as S&P lost 200 day. Same pattern as Dec 5th. Now will the 20 day provide support? Unlikely, but look to see if it breaks clearly below for confirmation.
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Not a great start to Thursday. Another red candle pushing down deep into the 20 day SMA.
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Chart PatternsIVVSPX (S&P 500 Index)S&P 500 (SPX500)SPDR S&P 500 ETF (SPY) Trend Analysis

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