S&P 500 Weekly Outlook – Neckline Breaking. Bears Gain ControlS&P 500SPCFD:SPXCryptocurrencyWatchGroupS&P 500 Weekly Outlook – The Neckline Is Breaking. Bears Gain Confirmation (July 29, 2026) Jul. 29 – The bearish setup we’ve been tracking is now taking another step forward. After the rising wedge broke, price has continued lower and is now breaking below the double-top neckline around 7,351.81. This is an important level. The wedge breakdown was the first warning. Now, the loss of the neckline adds further confirmation that the market may be entering a deeper correction. 📍 Key Levels 7,620.90 = Major resistance and the double-top highs. 7,540–7,550 = Near-term resistance. A reclaim would be the first sign that bears are losing control. 7,351.81 = Double-top neckline. Price is now trading below this key level. 7,257.86 = Next support to watch. 6,645.30 = Major downside target and gap-fill area. 6,318.23 = March 30 lows and major support. The key question now is whether the S&P 500 can reclaim the 7,351.81 neckline or if this level turns into resistance. If the breakdown holds, the next leg lower could begin to unfold toward the 6,645 gap-fill area, with the 6,318 March lows remaining the deeper support level. The wedge broke. Now the neckline is breaking. Bears are gaining confirmation. Not Financial Advice. This is my technical analysis based on price action and chart structure.