$SP:SPX $SPX 1H update Nov 21

Check Bear-flag thesis from Nov 17 played out cleanly. We got the rising parallel channel after the late-Oct dump, then a decisive 1H breakdown + failure retest on Nov 20 — classic continuation, not a fakeout. Since then, structure is still bearish (lower highs/lows), and today’s candles are impulsive enough to treat bounces as corrective until proven otherwise.

Key levels: (For Macro Check daily and weekly charts as well.)
• Overhead 1H supply / retest area sits ~6600–6620 (from the Nov 20 breakdown). Price is NOT there yet — we’re ~654x. If we mean-revert into this zone and stall, it’s a high-quality short-reaction area.
• Near-term resistance ~6640–6670 (prior base). Bulls need a reclaim + hold here to even argue structure shift.
• Current lows ~6540s are extension territory — expect bounce attempts, but one green candle doesn’t equal reversal unless we break/hold a 1H lower high.

Bias: bearish under 6600–6620. Watching for either (a) corrective bounce into supply to sell, or (b) true structure reclaim above 6640–6670 to invalidate. #SPX #SP500 #BearFlag #SupplyDemand SPX SPX