SPX 500: Range High Test — Break or Reject?SPX 500, DailySPREADEX:SPXuncleHamidSummary: SPX is trading near the upper boundary of a well-defined range, pressing into a major resistance zone. Price is compressing, suggesting an imminent directional move. Technical Breakdown: Market Structure: The broader trend from September remains bullish, but recent price action shows range-bound behavior rather than clean continuation. Resistance Area: Price is repeatedly reacting from the upper supply/resistance zone (~6,880–6,920), indicating strong seller interest. Range Context: The range box midline (~6,760) is acting as a fair value pivot—price acceptance above it favors buyers, rejection below shifts control back to sellers. Support / Demand: The lower demand zone (~6,560–6,600) has produced aggressive buying in prior tests, confirming it as a high-probability support. Price Action: Recent candles show upper wicks near resistance → hesitation and potential rejection unless buyers show strong follow-through. Fundamental Context: With markets sensitive to Fed policy expectations, yields, and incoming macro data, upside continuation likely requires supportive inflation or rate-cut narratives. Any hawkish repricing could trigger a rotation back toward the range lows. Key Levels to Watch: Resistance: 6,880 – 6,920 Range Midline (Pivot): ~6,760 Support / Demand: 6,600 → 6,560 Bullish Target (on breakout & acceptance): 6,980 – 7,040 Bearish Target (on rejection): 6,760 → 6,600 Takeaway Bullish continuation only if price accepts above the resistance zone. Rejection here keeps SPX in range, favoring a pullback toward the midline. Bias stays neutral-to-bullish, but patience is key at range highs. #SP500 #Indices #PriceAction #TradingStrategy #TechnicalAnalysi