SPX500 H1: Sharp Drop Then Finding Its FootingUS SP 500 CFDFOREXCOM:SPX500Emir_WatenThe S&P 500 just broke out of the steep rising channel that's been running since the 7.410 zone, dropping sharply and pushing through the horizontal support at 7.440–7.445 before showing signs of bouncing back. This 7.440–7.445 zone previously served as solid support before the earlier bullish breakout, and price is now retesting it from below. My plan is to buy if price retests the 7.440–7.445 zone and shows a signal of holding firm, stop loss below 7.415, first target at 7.470 and a further target at 7.500 if buying pressure returns strongly enough. The biggest risk is if price breaks through this support zone and closes below 7.415 — in that case, this bounce will be considered failed, and I'll stay on the sidelines waiting for a new structure rather than chasing the move. This is just my personal take based on technical analysis. Wishing you successful trading.