S&P 500 Index (Daily Chart)S&P Index Cash CFD (USD)VANTAGE:SP500IbrahimTarekThe index is currently trading near a major resistance supply zone around 6,920–6,980, where price has formed a clear Head and Shoulders distribution pattern, signaling potential downside pressure. Key Technical Observations Right Shoulder Formation: The market failed to break above the resistance zone and is forming the right shoulder after the left shoulder and head structure. Trendline Support: The neckline aligns with an ascending support trendline, increasing the importance of a confirmed breakdown. Market Structure: Momentum appears to be weakening after a strong bullish leg from the April lows. Trade Scenario (Bearish Setup) 🔻 Sell Entry: ~ 6780 Stop Loss: 7000 (above resistance and pattern invalidation level) Targets T1: 6210 – first major support and liquidity zone T2: 6063 – 6017 – previous consolidation range T3: 5897 – 5838 – demand zone T4: 5510 – deeper macro support if bearish momentum accelerates Technical Outlook A confirmed break below the neckline would validate the Head and Shoulders pattern and likely trigger a medium-term corrective move toward the highlighted support zones. Failure to break down and a daily close above 7000 would invalidate the bearish scenario and reopen the path for new highs.