ES / SPX downward channel

16 May 2022

Looks like the ES in a downward channel . There is a good chance it will bounce to the top of the channel and turn back down. The top of the channel could coincidently be a lot more than just one factor causing a reversal.

• Top of channel
  
  
• 21 EMA
  
  
• 0.382 Fibonacci level
  
  
• Old support turning to resistance