Hawkish Fed & Geopolitical Rikss Weigh on SPX — Bears in ControlS&P 500SP:SPXinkicho_exnessSPX | 4H Technical Analysis — Apr 6, 2026 The S&P 500 has been in a clear distribution phase since the February peak near 7000, with price now trading around 6545 — below EMA78 (6691). The death cross remains active, and the overall structure continues to print lower highs and lower lows. The initial leg down from the Feb top was a near-uninterrupted 683-point drop (-9.76%), cutting straight through the 6700 support zone. A subsequent bounce of 266 points (+4.21%) was swiftly rejected at the 6600 level, reinforcing overhead resistance and reaffirming bear control. Price is currently consolidating in the 6450–6600 range. The immediate test is whether bulls can reclaim and hold above the EMA21. So far, every recovery attempt has stalled at or before that level. Key levels to watch: Resistance: 6600 / EMA78 at 6691 / 6700 zone Support: 6450 → 6280–6320 → 6080–6100 (structural floor) Bear case: Continued failure below 6600 keeps downside pressure intact. A clean break of 6450 opens the path toward the 6280–6320 support cluster. Bull case: A decisive reclaim of 6600 with follow-through above EMA21 would be the first structural signal worth watching — though full recovery of trend bias requires clearing EMA78 at 6691. Bias remains bearish until proven otherwise.