S&P 500 Holds Above Key SupportS&P 500SPCFD:SPXYong726S&P 500 Holds Above Key Support — Healthy Pullback or Deeper Correction Ahead? The S&P 500 is currently trading in a corrective phase after the strong rally from the April low. The index previously pushed toward the 7,600 area, but buyers failed to extend the move further, and the price has since pulled back toward the 7,350 zone. For now, the broader trend has not fully turned bearish, but short-term momentum has clearly slowed. From a market structure perspective, the S&P 500 still holds a broader bullish structure on the 4H chart, as the rally from the April low created a strong sequence of higher highs and higher lows. However, the recent rejection from the 7,550–7,600 area and the move back toward 7,300 show that sellers are becoming more active near the upper range. This suggests the index is now in a correction phase within the broader uptrend. The first key resistance zone to watch is around 7,450–7,500. This is the nearest area where sellers may try to defend the rebound. If buyers can break above this zone with confirmation, the S&P 500 may attempt to retest 7,550–7,600, which is the major resistance and previous high area. On the downside, the first key support zone is around 7,300–7,250. This area is important because price recently reacted near this region, and buyers need to defend it to keep the recovery structure alive. If this support breaks, the next downside area to watch is 7,150–7,100. A deeper correction could open the way toward the 7,000 psychological level. For the bullish scenario, the S&P 500 needs to hold above 7,300–7,250 and reclaim 7,450–7,500. If price can stay above 7,500, buyers may regain momentum and push the index back toward 7,550–7,600. A clean breakout above 7,600 would confirm that bullish continuation is returning. For the bearish scenario, rejection from 7,450–7,500 would suggest that sellers are still defending the rebound area. If the price then breaks below 7,250, downside pressure may increase, with 7,150–7,100 becoming the next target zone. A deeper break below 7,000 would weaken the broader bullish structure and suggest that the correction is becoming more serious. Market sentiment is currently neutral to cautiously bullish. The broader uptrend is still alive, but the short-term structure needs confirmation. Right now, the market is testing whether this pullback is simply a healthy correction or the beginning of a deeper rotation. Above 7,500, recovery momentum may strengthen. Below 7,250, the correction pressure may increase. What do you think? Will S&P 500 defend the 7,300–7,250 support zone and recover toward 7,600? Or will sellers continue to defend resistance and push the index toward 7,100? Please share your view below.