S&P500 This break-out can drop it to 7100 by Midterms.US 500 IndexPEPPERSTONE:US500TradingShotThe S&P500 (SPX) is at a critical bearish break-out point where in early February made a decisive drop that kick-started the Feb-March U.S. - Iran War correction to the 1W MA70 (red trend-line). As you can see both fractals started within a Channel Up and the latest common characteristic has been last Thursday's 1D MA100 (green trend-line) rebound, which on February 06 was the last bounce before a series of Lower Highs started. Notice how both bounces took place on the 0.5 Fibonacci retracement level from the previous Channel Up Higher Low also. Even the 1D RSI sequences among the two fractals are similar with the 37.50 Symmetrical Support holding 3 times on each fractal, leading us currently to the early February Lower High. What happened after was break below the 1D MA100 and the 1D MA200 (orange trend-line) that, as mentioned, bottomed on the 1W MA70 and the 1.382 Fibonacci extension. For that reason, if the market closes below its 1D MA100 now, we expect the downside to extend all the way to the 1.382 Fib extension / 1W MA70 cluster and hit 7100 by the time the U.S. Midterm Elections start. --- ** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. ** --- 💸💸💸💸💸💸 👇 👇 👇 👇 👇 👇