Failed Rebound – Downtrend Still DominatesUS SPX 500OANDA:SPX500USDDomicChainaHello everyone, Looking at the H4 chart of the S&P 500, the market has staged a noticeable rebound from the recent low around 6,350 up to the 6,580–6,600 area. However, when viewed in the broader context, this still appears to be a technical bounce rather than a structural shift, as price has yet to break above key resistance and remains below the downward-sloping EMA 89. A key level to watch is the 6,580–6,620 resistance zone. Price has tested this area multiple times but failed to produce a decisive breakout, indicating that selling pressure is still present overhead. This repeated rejection suggests that sellers are actively defending this region. At the same time, the prior lower high structure remains intact, meaning the medium-term downtrend has not been invalidated. As long as price stays below this resistance cluster and the EMA continues to slope downward, the broader bias still leans bearish. In this context, the recent recovery looks more like a pause within a downtrend rather than the start of a sustained upside move. The key question now is whether buyers can generate enough momentum to break this ceiling—or if the market is simply setting up for another leg lower.