S&P 500 Just Lost the Channel — Bulls Be Losing Control?US SPX 500OANDA:SPX500USDpejman_zwinThe S&P 500 index(SPX500) seems to have failed to break a key resistance zone($7,156-$$7,143), and in the past hours, it has also broken the lower line of the ascending channel. This indicates we might be looking at a correction in the S&P 500. I expect that in the coming hours, the S&P 500 could continue its downward move after a possible pullback to the ascending channel, dropping at least to the key trading level of 7,110 dollars. If the downward momentum increases, which is likely, we might see further continuation toward the support zone($7,079-$$7,052). First Target: $7,111 Second Target: Support zone($7,079-$$7,052) Stop Loss(SL): $7,179(Worst) Points may shift as the market evolves Note: The decline in the S&P 500 index also contributes to the decline in the price of Bitcoin(BTCUSDT). What’s your view on the S&P 500? Can it create new all-time highs again, or should we expect a correction in the U.S. stock market and the S&P 500? 💡 Please respect each other's opinions and express agreement or disagreement politely. 📌 S&P 500 Index Analyze (SPX500USD), 1-hour time frame. 🛑 Always set a Stop Loss(SL) for every position you open. ✅ This is just my idea; I’d love to see your thoughts too! 🔥 If you find it helpful, please BOOST this post and share it with your friends.