$SPX Bearish Bias Holds, 6500 Target Unless 6760 Break Confirms Rally
$S&P 500(.SPX)$ has now retraced over 50% of Wave 3 — the first warning that a larger Wave 2 / B-Wave correction may be developing.
That said, price rejected the nearest Daily FVG resistance, while the fractal count off the lows continues to look corrective.
Primary lean: We resolve lower following FOMC targeting the 6550-6500 Monthly FVG
As long as today’s high holds, the bearish bias remains valid.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2606(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2606(NQmain)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$
ALT (Expanded Corrective Rally):
A break above today's high and the correction is expanding — opening the door to the next Daily FVG resistance at 6,773–6,811 for a larger 2nd / B-Wave rally.
Daily close above 6760 confirms it.
Until then, bears have the edge.
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