SPX – A Healthy Pullback Looks More Likely $SPXS&P 500SPCFD:SPXHolikaaEight months ago, I shared that SPY was riding a multi-year ascending channel while reclaiming the 2021–2022 supply zone. Since then, the market has respected that structure perfectly, rebounding from the lower trendline and printing new all-time highs. Today, the picture has changed. SPX has reached the upper boundary of the multi-year ascending channel, and for the first time in months we're seeing sellers respond. This doesn't signal the end of the bull market—it suggests that the market has become stretched and may need to reset before continuing higher. The rally from the April low was almost vertical, leaving very little support until the 7002–6780 demand zone. From a market structure perspective, that area stands out as the most logical destination for a healthy pullback. A correction into that zone would simply retest the breakout, allow momentum to cool, and provide a stronger foundation for the next advance. As long as SPX remains within the long-term ascending channel, I continue to view the primary trend as bullish. However, chasing price near the upper boundary offers poor risk-to-reward. Patience is likely to be rewarded if the market pulls back into demand before resuming its long-term trend. Bias: Moderately bearish in the short term, bullish in the long term. Watching: A move toward the 7002–6780 demand zone before the next sustained push higher. Not financial advice. This analysis is based solely on price action, market structure, and long-term supply/demand zones. #SPX #SP500 #TechnicalAnalysis #TradingView #PriceAction #SupplyDemand #MarketStructure #SwingTrading #Investing