SPX Trying to Form a Bottom Near Key Support — Relief Bounce Incoming?

SPX has entered a critical support zone around 0.414 - 0.416 after the recent aggressive selloff from resistance.

https://preview.redd.it/earf5sxcu31h1.png?width=1793&format=png&auto=webp&s=e3fd5fada0bebc5b0b3b1ad4b3ca82a4fb858867

CMC URL: [https://coinmarketcap.com/currencies/spx6900/](https://coinmarketcap.com/currencies/spx6900/)
The interesting part is that momentum on the downside is slowing, while buyers are repeatedly defending the lower range. Current consolidation suggests the market may be preparing for a short-term reversal or relief bounce.

Technical observations:

* Support holding near 0.416
* Multiple lower wick rejections from demand
* Selling momentum weakening
* Potential reclaim setup forming above local resistance

Bullish targets if support holds:
0.4265
0.4405
0.4578

Invalidation:
Breakdown below 0.409

If bulls reclaim higher fib levels again, this could turn into a strong recovery move over the next sessions.

NFA | DYOR