S&P 500 Weekly Outlook – Bounce or Rejection? (April 5, 2026)S&P 500SP:SPXCryptocurrencyWatchGroupLooking at the weekly chart of the S&P 500, the market failed near 6,869.25 earlier in March, which triggered the sharp selloff into late March. That breakdown confirmed the weakness we’ve been tracking — but now the market is attempting its first meaningful bounce. Price has pushed higher and closed above 6,495, bringing the market back into the first major resistance zone. 📍 Key Levels The next major level sits around 6,600, and this becomes the first real test of this recovery move. This is where the market decides: Is this a sustained bounce Or just another sell-the-rally move 📉 Bigger Picture Even with this bounce, the overall structure hasn’t changed. As long as price remains below 6,869.25, the broader trend stays bearish, and this move is still best classified as a relief rally within a downtrend. If price fails again at resistance and rolls over, the focus shifts back to 6,141, the major weekly support level. A break below that opens the door toward the 5,600–5,800 region, where the 0.618 Fibonacci retracement and long-term trend structure come into play. 🧭 Bottom Line The market is bouncing — but now it’s entering a key resistance zone. 6,600 = first real decision point Failure here keeps the bearish structure intact Break and hold above it starts to shift momentum Full trend reversal only above 6,869.25