Sharp drop. Then silence. SPX is forming a Bear Pennant and it is almost out of room. 👀
SPX/USDT dropped 3.8% in a near-vertical flagpole, then entered a tight pennant consolidation on the 5M chart. The pattern is now at 91.3% maturity with 3 resistance touches and 2 support touches and volume has dried up almost completely since the initial move.
That volume dry-up is the key detail. It often means the market is coiling before the next leg.
Two scenarios:
→ Price breaks below pennant support = bearish continuation of the flagpole move
→ Price breaks above pennant resistance = bear pennant invalidated
No confirmed breakdown yet. Pattern still FORMING.
Spotted using ChartScout.
⚠️ DYOR. Not financial advice.
#SPX #spxusdt #BearPennant #cryptotrading #ChartScout