S&P 500 Technical Analysis: Have We Got A Bounce at 6775? Perhaps a bounce soon at 6750?

S&P 500 at a Critical Junction

The S&P 500 is at a pivotal point following a selloff. Recent order flow indicates weakening downside momentum and a potential reassertion of buyers at key levels. Specifically, 6785 to 6787 serves as a short-term value pivot, suggesting that as long as prices hold above this level, buyers maintain control.

Potential Drop to 6750

Current prices hover around 6805, with indications that they may test the lower support boundary near 6750. A previous drop below 6775.5 was quickly reversed, hinting at buyers' resilience.

Early Signs of a Bullish Reversal

Market signals show responsiveness at 6785 to 6787, where the S&P 500 could transition from a one-directional selloff to an upward exploratory phase.

Caution on Bearish Scenarios

If prices fall below 6755, it might indicate a return to sellers' dominance. Furthermore, without breaking above 6792, future bullish attempts may falter. Traders should watch how the price behaves around these key levels and exercise disciplined risk management.