SP500 Showing Rejection Pattern what should Next ?
S&P 500 showing rejection from the 7,000 psychological resistance zone after a strong bullish rally. Price failed to hold above this level and formed a sharp bearish candle, signalling selling pressure and possible short-term trend exhaustion.
area marks a supply/resistance zone where sellers are active. As long as price stays below 7,000, further downside correction is likely. A minor pullback and consolidation may occur first, but continuation lower remains the stronger scenario.
Resistance Level ; 69,50 / 7,000
Support Levels ; 6,80 / 6,840
If 6,880 breaks, price could accelerate toward 6,840, which is the next strong demand area. Only a clean break and hold above 7,000 would invalidate the bearish outlook and open the path for continuation higher.
You may find more details in the chart,
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