$SPX Bounce Faces W2 Resistance
👋 Good morning, tigers!
The $S&P 500(.SPX)$ bounce is here, but I’m still not seeing the bullish SMT needed to support a sustained reversal.
For now, I’m treating last week’s ABC decline as a bearish Wave 1 (W1). That makes the current rebound potentially a Wave 2 correction, rather than the start of a new uptrend.
🎯 Key level: 7,714–7,776
This Daily FVG is the zone I’m watching closely for W2 resistance. If $SPX pushes into this range and gets rejected, the next move I’m looking for is W3 lower.
⚠️ The bigger confirmation level is 7,566.
A decisive break below 7,566 would strengthen the larger bearish thesis and suggest that a 10–15% correction is underway.
The setup is simple:
Bounce → test 7,714–7,776 → rejection → W3 lower.
Until bullish SMT appears and price can reclaim the key structure, I’m treating this bounce as corrective, not a confirmed reversal.
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