$SPX Could Get a Relief Rally Before the Next Drop
$S&P 500(.SPX)$ The selloff has delivered the W5 leg lower, and now the setup is starting to look a little different. 👀
Bullish SMT against $NASDAQ 100(NDX)$ is giving the S&P 500 room for a corrective bounce into the FOMC. I’d expect the first move to stay fairly modest, with 7650–7700 as the initial zone to watch.
But I’m not treating that bounce as a trend change.
⚠️ The bigger picture still looks vulnerable. If $SPX reaches that 7650–7700 area, I’d be watching closely for the relief move to run out of steam and sellers to step back in.
So for now:
📈 W5 downside leg appears in place
🔄 Bullish SMT supports a corrective rebound
🎯 First bounce zone: 7650–7700
⚠️ FOMC could provide the catalyst
📉 Another sharp leg lower remains on the table
For me, the key is simple: let the bounce develop, but don’t mistake relief for a reversal.
Refine the $SPX setup
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