S&P 500 (4H) – Premium Retracement into SupplyS&P Index Cash CFD (USD)VANTAGE:SP500Selena_FX_TraderPrice action continues to respect a broader bearish structure after failing to hold above the higher resistance range near 6,950–7,000. Following the breakdown from the prior range and bearish channel, market structure shifted into lower highs and lower lows, confirming short-term downside pressure. Currently, price is retracing into the 6,720–6,740 zone, which previously acted as support and is now behaving as resistance (support flip). This area aligns with a premium retracement within the recent downside leg. Why this zone is important: Prior support now acting as resistance Clear lower-high formation structure Momentum weakened after channel breakdown Liquidity resting below recent swing lows If the market shows bearish rejection or fails to reclaim this zone with strength, it may increase the probability of continuation toward lower liquidity pools. Levels to monitor: Resistance: 6,720–6,740 Higher resistance: 6,950–7,000 Downside areas of interest: 6,620 and 6,550 Bias remains conditional on how price reacts at resistance. A strong reclaim above the zone would weaken the short-term bearish outlook.