S&P 500 breaks down the up channel — possible scenarios inside

21 Apr 2020 recap — S&P 500 futures (ES) broke below the up channel since the bottom from 23 Mar 2020 and a key support level around 2750 with increasing supply, as spooked by the meltdown in oil price.

This is a change of character for the uptrend, suggests that the up move could at least stop for now, at minimum to go into a trading range if not reversing to test the the lower support levels.

Should S&P 500 commits above 2750, this would violate the bearish case and a trading range between…