Here is my analysis of the S&P 500, specifically the ES (the e-mini) on where I think the price is headed based upon my trade setups. There are two trade setups I am looking at, my Bread and Butter Trade as well as the Lightning Trade Setup. Both of them influence where I think the market is headed.

In the short term, I see a little more room to the upside. But for the longer term, I see a big downside move in the works. Price has not yet come and taken out the 50% Fibonacci Retracement level for my Bread and Butter Trade setup. It is also on the daily time frame and price is over the 423% Fibonacci extension level.

Recap of the S&P 500 Technical Analysis

• For the short term, I see the S&P 500 has a little bit more room to go up. But for the longer term, I see a big downside move in the works.

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