We I said the markets, specifically the S&P500 was not out of the woods, I was anticipating more consolidation/bearish correction. However, last week's trade war initiation sped up the dip. The S&P500 $SPX for example, fell sharply from around 2700 to about 2588. However, we should see some support this week as price tests some support factors around 2580.S&P 500 Daily Chart(click to enlarge)Support:- The daily chart shows price tagging the 200-day simple moving average as well as a rising trendline around 2580.- If price holds above 2560 and climbs back above 2600 this week, we might have some relief. - But even a bullish swing could be within the contest of consolidation. A break above 2700 will be needed to extend the bullish outlook outside of the very short-term time-frame.- Now, if price does not hold above 2560, we should anticipate a move towards the next key support around 2490-2500.- For now, we should limit the bearish outlook to this level, but first anticipate support around 2580, with upside to 2645 where price will test a previous support pivot as resistance.ABC correction:- Note that a push to 2490-2500 would complete an abc correction and therefore could be another reason the market will support the S&P500 there.