The S&P 500 (SPX500) maintains a bearish 4-hour outlook, with the chart displaying 7,728.80. Following the decline from the blue (I) high at 7,843.89, the labeled five-wave sequence reached blue (v) and wave 1 near the recent low. As anticipated in our previous analysis dated October 26, 2026, a corrective rebound developed, bringing price toward the 50.0% Fibonacci retracement near 7,730. The annotated scenario identifies this recovery as wave 2, followed by a projected decline toward the 7,611.27 downside reference. A sustained move above 7,843.89 would invalidate the displayed bearish scenario, while rejection near Fibonacci resistance would reinforce the anticipated continuation.
Technical Summary of S&P 500 Price for October 27, 2026
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Trend: Bearish.
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Current Elliott Wave: Blue (v) and wave 1 labeled; wave 2 corrective rebound projected.
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Key Support Levels: 7,611.27; approximately 7,620.
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Key Resistance Levels: Approximately 7,730; 7,843.89.
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Next Price Target: Approximately 7,730 corrective rebound, then 7,611.27.
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Invalidation Level: 7,843.89.
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Fibonacci Levels: 50.0% retracement near 7,730.
Trader's Question: Will the S&P 500 complete wave 2 near Fibonacci resistance?
A rejection around 7,730 would support the projected decline toward 7,611.27. A sustained recovery above 7,843.89 would invalidate the bearish scenario.