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Potential drop for the S&P500

Potential drop for the S&P500

There may be a potential drop in the, $ES $SPY, BUT it can certainly run up if it gets above 4711, but for now as long as it doesn't make a new high, I believe it may test the first area of support in the 4653-4640 area. If we get there, I assume there could be a bounce to test resistance/trendline. There doesn't appear to be much support under there and on a second attempt I believe price could break down to the 4610 area. Not safe until price is under the POC. NOT TRADING ADVICE, JUST MY PERSPECTIVE. Happy trading and always remember, risk management is key.

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