$SPX Bearish Setup Still Intact

TRIGGER TRADES
08-25

$S&P 500(.SPX)$ 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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