A bullish Wolfe Wave formation completed on 17th February with in the parallel channel as it formed on 10th February that led to the rally till 15th February. Now Hope, this would lead to rally for completion of the Super 5th leg of the channel. And this even is the last hope for Bulls for today. Because this is really a short time frame and there is very good chance of respecting this pattern. So please be cautious. I have attached a image in update idea representing why 15440 is a resistance level.
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It has respected the golden ratio of the february last week fall and the Corona correction trend(which was predicted in January 2020). Link has been given below.
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Until the downside trendline is not broken by S&P500 its better not to be postionally bearish as it may trap traders.
@venkat8, Neutral, Bullish only if it respects the trendline and try to complete the WW in short term. And bearish if it doesn't respect the pattern and breaks down.