The S&P 500 remains in a clear short-term downtrendS&P Index Cash CFD (USD)VANTAGE:SP500Market_AtlasThe S&P 500 remains in a clear short-term downtrend, trading inside a descending diagonal channel that has guided price action lower since the late-February peak. Each rebound has produced a lower high, while each selloff has carved out a lower low, which is the classic structure of a bearish trend. The index is also trading below its 200-day simple moving average, near 6,666, which reinforces the idea that sellers still control the tape. The latest bounce looks more like a relief rally than a trend reversal. Price recovered from the late-March low, but the rebound stalled before it could reclaim the upper boundary of the channel or decisively move back above the 200-day average. That failure suggests demand is still too weak to reverse momentum, and traders are using strength to reduce risk rather than build fresh long exposure. From a technical perspective, the decline is being driven by a combination of bearish structure and fading confidence. The market has shifted from buying dips to selling rallies, and that usually keeps pressure on the index until a major support zone is tested. As long as the S&P 500 remains below the channel resistance and below the 200-day average, the path of least resistance stays lower. In terms of downside levels, the first area to watch is the lower boundary of the descending channel, which comes in around the 6,300 zone. If that floor gives way, the next likely target is the 6,200 area, followed by a deeper retracement toward 6,000 if selling accelerates. For bears to stay in control, price only needs to keep printing lower highs. For the downtrend to weaken, the index would need to break out of the channel and reclaim the 6,650–6,700 region on a closing basis. *This is a technical market comment, not investment advice.