7705 didn’t hold. Can the bulls defend the previous ATH at 7625?US SPX 500OANDA:SPX500USDinchartswetrustHi traders! ☀️🌴 In my last post, I tried to build my outlook around the breakout or defense of the 7705 level: “🦬🚀As long as price holds above 7705, I expect the uptrend to resume toward the nearest resistance at 7777 and then potentially toward the ATH. 🐻🪓If 7705 breaks, we could see an acceleration lower toward the previous ATH at 7625. This move could be very sharp and could be triggered by any negative news, so please be extremely careful with your risk management.” Unfortunately for the bulls🦬⚰️, the 7705 level didn’t hold, and after the breakdown we did indeed move toward 7625, with price currently showing a local low at 7641. The positive part is that the move was not very sharp, and 7625 remains untouched so far. On top of that, this level is now reinforced by the 4H EMA 200, which could make things difficult for the bears if they attempt to break below it. What’s next? 🦬🚀Bullish scenario. Bulls defend 7625, followed by a breakout above the local trendline. In this case, price could accelerate toward 7705, and a breakout of that level could then open the way toward 7777. 🐻🪓 Bearish scenario. Bears manage to push through 7625. In this case, we could see a drop toward 7555. And this is where the bears will really have to work, because 7555 is a concrete wall — price has repeatedly slowed down around this level when approaching it from below. Peace! 🌄 ⚠️ Disclaimer: All information shared on this channel is for educational and informational purposes only and is not investment advice. The author is not responsible for your trading decisions. Always manage your risks and make decisions independently.