$SPX Faces a Bearish Trigger Below 7,690
Hey Tigers π―
$S&P 500(.SPX)$ pushed into the key sell zone and was rejected, keeping the short-term bearish setup intact.
The rebound retraced roughly 78.6% of the previous five-wave decline before forming a three-wave recovery into the Daily FVG resistance. Price has now reacted from that zone, leaving the bounce looking corrective rather than impulsive.
The key level from here is 7,690.
π Daily close below 7,690 β bearish trigger
If that level breaks on a closing basis, the setup points toward another leg lower, with the prior June all-time high acting as the first major downside reference.
There is still room for one more push higher. The 7,750β7,775 area remains the main resistance zone, and another test could develop before sellers take control. But unless that zone is decisively reclaimed, I would continue treating the rally as a corrective bounce.
For now, the key question is simple: Can $SPX hold above 7,690, or does the next wave lower begin? π
The index closed at 7,711.48 on Aug. 28, after trading as high as 7,771.48, putting it directly around the levels that matter for this setup.
Stay patient, Tigers π―π
Wait for the trigger, then let price confirm the direction.
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