The S&P 500 continues to trade within a wide sideways range. After another failed attempt to hold near the upper boundary, sellers regained control and pushed the index back toward the key support area around 7620–7630.
Despite the recent decline, it is still too early to confirm a broader bearish reversal.
Two scenarios to watch:
Bullish: Holding above 7620–7630 and recovering above 7700 could open the way for another test of 7760.
Bearish: A confirmed break below 7620 would increase the probability of a deeper correction toward 7500–7380.
In my view, waiting for confirmation is more important than trying to predict the next move.
Will buyers defend this support once again, or is the market preparing for a deeper correction?
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