What’s next for the S&PS&P 500SP:SPXGivtrade_GroupS&P analysis What we are looking at right here are two completely different scenarios for the S&P500 right now. On Friday the index fell more than 2% following the blow off Job reports that came in way over expectations. Price is now sitting at 7350$ which falls at major support on the 1h and 4h timeframes. So here is a breakdown of the two scenarios that we are evaluating: 1- The good ✅ For this pullback to be only a minor pullback and not the start of a deeper correction , price needs to hold the 50%-618% sitting in between 6800$-6970$ and the reasoning behind it is simple. This level is our previous all-time high from pre-war levels. We want this level to hold and for prices to push further to new all-time highs. 2- The Ugly 🔴 The ugly scenario for the stock is for the this to move below our parallel channel and quickly fade away. This would confirm one thing : that the move above 6970$ was a fakeout that will lead to a sharper move to the downside. Aggressive red candle will start to indicate a bearish move. However indecision doji candles might signal consolidation.