S&P 500 is at top of long term Multi Year Channel

6 thg 2, 2021

Everytime we near the top of this channel we get huge spikes in selling volume that usually eventually results in a retrace back down to the middle and sometimes even the bottom of the channel : On Last Month's Candle we had an above average amount of selling volume but failed to follow through and are now at higher levels. However, we have not had much volume yet and the new month has only just begun. I wouldn't be surprised to see the SP 500 briefly peak above the top line of channel before being presented by an onslaught of new seller volume which could be the start of amid-long term bear market.