SPX is breaking below the rising trend line
SPX is breaking below the rising trend line 3370. A close above 3400 is required for the upside continuation and extension higher to test the new high. For a complete bearish downside reversal breakout and higher probability short trade entries, we need to see a confirmed break below 3290. A break below this level would lead to a deeper correction lower and a test of 3000. The overall long-term is an uptrend and we need to see a break below 3000 for a downside extension.
Note – We are more inclined to a short trade entry upon a break below 3290 with the stop loss above 3350
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