SPX: Breakdown Below 6400 — Is 6290 the Next Stop?S&P 500SP:SPXOmorfus#SPX #analysis #overview 📉 🌐 #SPX — technical analysis based on the daily chart 🧠 Overall picture The market remains under heavy pressure: • Close: 6343.73 • Day’s low: 6316.91 • Price is firmly below both the EMA200 and EMA50 • The structure remains bearish: lower highs + lower lows • The decline is unfolding inside a descending channel • The 6550–6600 zone has fully turned into resistance after the downside breakout 👉 Main takeaway: the downtrend is still in place, but price has already reached an important support area near S1 6289.84, so a local bounce cannot be ruled out. 🔑 Key levels 🟥 Resistance • 6400–6425 — nearest weak bounce zone • 6549–6600 — Pivot + key flip zone, the main seller area • 6760–6810 — EMA50 + R1, strong resistance zone 🟧 Support • 6315–6290 — nearest support area, close to S1 • 6250–6200 — next downside target • Below 6200 — risk of accelerated bearish continuation 📊 Scenarios 🐻 Main scenario Further downside after weak bounces • Price is below 6400 • Price is below 6550–6600 • Indicators are not showing buyer strength • RSI is pointing lower • OsMA remains in negative territory Targets: → 6315 → 6289 → 6250 → 6200 👉 As long as the market stays below 6550–6600, the priority remains shorting bounces. 🐂 Alternative Technical bounce from support • The 6315–6290 zone may trigger a local reaction • If price holds S1 and reclaims 6400–6425, a bounce is possible • But without a move back above 6550–6600, this would only be a correction, not a reversal Bounce targets: → 6400 → 6450 → 6550–6600 ⚠️ Signals ❌ Price is below EMA200 ❌ Price is below EMA50 ❌ The descending channel remains intact ❌ RSI is weak and still pointing lower ❌ OsMA is negative ❌ The lower highs sequence has not been broken 💡 Trade ideas Intraday 🔻 Short from 6400–6425 on a weak retest Targets: 6315 → 6290 Stop: above 6450 🔻 A stronger short setup would be on a bounce into 6550–6600, if price even gets there Targets: 6400 → 6315 → 6290 Stop: above 6620–6650 Counter-trend ⚡ Long is possible only from 6315–6290 if buyers show a strong reaction Targets: 6400 → 6450 Stop: tight, since this is a trade against the trend Short swing If price stays below 6550–6600: → 6289 → 6250 → 6200 🧩 Conclusion SPX remains in a clear downtrend. • Price is below EMA200 and EMA50 • The key 6550–6600 zone has been lost • Indicators confirm weakness • The nearest major area is 6315–6290 / S1 6289.84 👉 As long as the market stays below 6400, and especially below 6550–6600, the base case remains continued downside pressure. 👉 But since price is already near strong support, a short-term technical bounce may happen before the next leg lower.