SPX Bears Gain Control After Trendline Rejection
$S&P 500(.SPX)$ bulls dropped the ball after rejecting the upper trendline and failing to make a new high.
If price crosses 6735 and/or closes below 6749 (Daily FVG), it would strongly favor a decline back toward the pivotal 6550 support zone🎯 — and a break below 6550 could trigger a 20–25% correction ⚠️
However, while SPX holds above 6735 and continues to respect the Daily FVG, there remains potential for a retest of the upper trendline before reversing.
For now, I’m leaning toward the bearish scenario 📉, but an immediate, strong bullish reversal tomorrow would shift odds
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2512(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2512(NQmain)$ $iShares Russell 2000 ETF(IWM)$ $Dow Jones(.DJI)$
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