S&P 500 Index (Daily Chart)S&P 500SP:SPXIbrahimTarek1. Market Structure The index remains within a broader long-term uptrend; however, recent price action signals a potential medium-term reversal. After a strong impulsive rally, momentum has weakened near the upper resistance zone around 7,000–7,050, where supply pressure has clearly emerged. The current structure shows: Loss of upward momentum Failure to sustain new highs Formation of a classical Head and Shoulders topping pattern This significantly increases the probability of a corrective phase. 2. Head & Shoulders Formation Left Shoulder: Initial rejection near resistance Head: Higher high followed by strong rejection Right Shoulder: Lower high, indicating weakening bullish pressure Neckline: Around the 6,900 area (critical breakdown level) A confirmed daily close below the neckline would validate the bearish reversal scenario. 3. Key Levels Major Resistance 7,000 – 7,050 → Structural invalidation level A sustained breakout above this zone would negate the bearish setup. Immediate Support 6,900 → Neckline support 6,837 (current area) → Minor intraday support 4. Downside Targets (If Breakdown Confirms) Measured move projection from the Head & Shoulders pattern suggests: First Target: 6,054 Strong historical support zone Likely area for temporary bounce Second Target: 5,839 Previous consolidation base Third Target: 5,480 Major demand zone Strong institutional accumulation area These targets align with previous structure and liquidity zones. 5. Risk Scenario Stop-loss above 7,000 Any strong daily close above 7,050 with volume would invalidate the bearish thesis and reopen upside continuation. Professional Outlook Short-term bias: Bearish below 6,900 Medium-term bias: Corrective phase within broader uptrend Unless buyers reclaim 7,000 decisively, the probability favors a structured pullback toward 6,050–5,800 before any sustainable bullish continuation