Large volume around 1940 on a downbar. People taking profits. (That includes us.) We're expecting a pullback to the 1920 area (previous support), possibly even to 1880. But our job is not to guess. It is to get on the right train at the right time with the least possible risk.
Note: if we break resistance (dotted upper channel line) without retracing to 1920, that's okay. Just wait for a retest of the resistence line (which, by that time, will be support). The idea is to be flexible and go with the flow.
News: 8.30 EST. Remember: what the news is does not matter. The only function of the news is to shake people out of trades. Practice caution or avoid those times altogether.
Happy trading for today, folks!