Red Sea Tensions Push SPX LowerUS SPX 500OANDA:SPX500USDinchartswetrustHello traders ☀️ Yesterday we saw a decent attempt to print a new ATH🚀, with the index reaching 7598 at the peak — just 27 points short of the projected target. It would’ve been interesting to see the acceleration that typically follows a breakout, but there’s always another opportunity. In yesterday’s post, I also pointed out that we should never ignore the alternative scenario: The bearish scenario remains unchanged. If those moving averages are broken with strong momentum, the next key support levels become: Support levels: • 7300 — Local horizontal support • 7200 — Area of the 1D EMA 100 • 7000 — Previous all-time high Unfortunately for the bulls, the price now appears to be moving in that direction, likely driven by a broader risk-off sentiment as investors react to the global chip selloff and rising geopolitical tensions around key Middle East shipping routes — this time in the Red Sea 🤬😵💫 However, before bears can gain further control, they first need to break below the 4H EMA 200, currently sitting at 7475 🛡️ Peace 🌄