S&P 500 - They "Smilin in Your Face"… But is it a Backstabber???US SPX 500OANDA:SPX500USDAkeelahTradersGood morning, Traders. There's an old song by the O'Jays that says something like, "They smilin' in your face, all the time, they want to take your place...backstabbers...backstabbers". Well, Over the past several weeks, we've been following this Daily structure on the Nasdaq and S&P very closely, and I'll tell you right now...it's looking like time to strike up that old record. If you've been following our previous posts, you know we've been saying the same thing over and over. A market that is buying will keep buying until it has a Break of Structure. And the S&P 500 has been doing just that...buying buying buying over the last few months. But, this Daily Break of Structure DOWN that happened back in early June has changed the conversation. Once we got the Daily BOS DOWN, the expectation shifted. From that point on, we needed to watch one thing... Would the market reject the Daily BOS Supply Source and continue lower? Or, would buyers prove they were ready to take this thing back up? So far, the buyers have not shown the strength to overcome. And THAT is exactly why this chart is so interesting. Look at where price is sitting right now. It's trapped between the Daily Demand Zone and the Daily BOS Supply Source. The Market Makers have basically put this thing in a pressure cooker. Every time it looks like we're about to break higher, the sellers show up. So, here's what I'M watching. Our overall Akeelah Traders focus is that this Daily BOS Down and return to the Source has already triggered that a pullback is coming. We're just waiting to see how much of a pullback and exactly when. Now, if we get a REAL strong push back up and get a Daily candle CLOSE above this Daily BOS Supply Source, then I'll start looking for the market to continue this move and attack new highs. But until then....this baby is poised to FALL. So, if this current Daily Demand Zone (that was ALREADY broken) finally gives way, then I think the market is going to remind a whole lot of people that there's been enough Smilin' and that corrections still exist...big ones. So, let's look at where I think this thing could go if this plays out. If we get a Daily Close below 7504... 1. The first target would be the Daily Fair Value Gap sitting around 6850 - 6950. This is a very attractive imbalance area for Big Money. 2. If that area doesn't hold, then my eyes immediately go to the larger Weekly Demand Zone and Daily Demand Source around 6350 - 6700. That is the area where I would expect the Market Makers to become much more interested in buying again. Now here's the most important thing YOU need to remember... The news isn't driving this chart. The Fed isn't driving this chart. Earnings aren't driving this chart. Those things may become the excuse after the move happens, but structure has been telling the story long before the headlines catch up. So don't get caught chasing green candles just because everyone else suddenly gets bullish. Wait for the market to prove itself. Right now, this chart is still sitting at the crossroads, but it's already said that the time for shorts and puts on the SPY is here. The next confirmed break is probably going to tell us where this market wants to go for the next several weeks. Trade what you SEE. Not what you THINK.