$SPX Bearish Setup Still Intact
$S&P 500(.SPX)$ bounce is here, just as expected.
But there is still NO bullish SMT supporting a sustained reversal, so I’m treating the recent move as a relief bounce within a broader bearish structure.
🔻 What I’m Watching
The bearish 5-wave decline now appears largely in place, which favors a relief bounce next. The open gap at 7629 sits just below and could be tagged first to complete W5.
If $SPX breaks above today’s high, that would strengthen the case that the 2/B-wave bounce is getting underway.
🎯 Key Resistance
The Daily FVG at 7714–7776 remains the main resistance zone.
A rejection there → W3 lower becomes the preferred scenario.
⚠️ The Bigger Confirmation
7566 remains the key higher-degree level.
Break below 7566 → the larger 10–15% correction is likely underway.
💡 Bottom line
I expect the bounce to get SOLD.
Relief bounce first.
Resistance next.
Then another leg lower. 📉
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