S&P500 Will Drop Again?!

Oct 8, 2019

hey traders,

after a very strong selloff SPY has retraced and currently, the market is approaching a key level of resistance on daily.

On 1H chart the market is consolidating and coiling within a narrow trading range.
If bears break below the range, for us it will be a perfect signal of a bearish continuation and potential second bearish leg.

Target levels will be 2912 and 2882.
However, you can extend your second target to 2840.

Stop will be 2969.

*if the market closes above the range, setup will be invalid

Please, support the idea with like and comment! thank you!)

Oct 8, 2019

Note

good drop :)