The S&P 500 (US500) on M15 timeframe shows a clear downtrend with key resistance levels at 7505.69 and 7525.69 failing to hold, leading to a series of lower highs and higher lows. The recent consolidation between 7485.39 and 7505.69 suggests a potential reversal setup, as price action has been contracting within a descending channel. Notably, the last candle closed at 7485.39 with increased volume (222) compared to prior lows, indicating stronger selling pressure. The current price is near the critical support level at 7485.39, which has acted as a psychological barrier. With the 200-period SMA acting as dynamic resistance, the…

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