$SPX Bounced, But This Still Looks Like a Sellable Rally
Good morning! ☕️
The relief bounce showed up exactly where it needed to.
$S&P 500(.SPX)$ held yesterday’s low, then pushed straight into the bearish Daily FVG. That’s a strong bounce on the chart, but the location matters more than the bounce itself. 👀
There’s also a bullish SMT against $NASDAQ 100(NDX)$ , which is helping support the reversal for now. So yes, $SPX could push a little deeper into the FVG before making its next decision.
But my bias hasn’t changed.
I still expect this rally to get sold into resistance.
🔑 The level I’m watching:
A daily close above 7,701 would change the picture and signal a more meaningful bullish move with room for a deeper retracement.
Until that happens, I’m treating this as a relief rally into resistance, not a confirmed trend reversal.
Bounce first.
Resistance next.
Then potentially lower. 📉
Let’s see what price does at 7,701. 👀
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