The S&P500 dropped nicely from the top channel line as we was predicted in the previous post on May 3rd and has consolidated at major support at the bottom of the the channel the past few days, with a big volume spike on the hourly chart on May 5 that may be institutional accumulation. It would make sense technically for an upward retracement here to retest the top of the downtrend channel.
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Best Regards and Good luck trading!
Disclosure: Long SPX