SP has recently broken out of its ascending channel its been in the past few months on news the trade talks might not reach a decision by the 15th. With more volume than previously put on while it was going up, we are forming an flag pattern which looks potentially as a distribution channel with further move to the downside. Looking for a possible short on the retest of the break back into the channel, if price reacts strongly to that level. Looking for a short down to 3080 which coincides with 200sma, if momentum continues, looking for a possible longer swing down to 3020 which is the next biggest support level. Will play this cautiously as this market responds very interestingly to different news.
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