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S&P500 [ES] | Bearish Perspective and Key Market Structure 🔑

S&P500 [ES] | Bearish Perspective and Key Market Structure 🔑

It seems like a lot of people are focused on the bullish wedge and triangle breakouts shown here:


These are both valid bullish patterns but I would like to share an alternative bearish perspective of the market structure that is also valid.

Notice the Key Trendline Pivot . This trendline extends all the way back to the march lows:
A breakout of the Key Trendline can lead to strong selling pressure.
Bearish confirmation with a close below the Key Support ($3530)

Key Support: $3530
Target 1: $3460
Target 2: $3420
Extended Target: $3300

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