# S&P 500 Hits Channel Resistance

> S&P 500 tests resistance near ATH as sharp sell-off looms.
- Title: S&P 500 Hits Channel Resistance · TradingView | Shortify
- Summary: S&P 500 tests resistance near ATH as sharp sell-off looms. S&P 500 breaks below $7,708 after testing resistance, moving toward $7,624-$7,523 support zone.
- Keywords: s&p 500, spx500, ascending channel, potential reversal zone, support zone, bearish scenario, bullish gartley pattern, business, finance, 500, Hits, Channel
- Source: TradingView — https://tradingview.com/chart/SPX500USD/d23qJgZa-S-P-500-Hits-Channel-Resistance-Is-a-Sharp-Sell-Off-Next
- Published: 2026-10-23T13:12:59+00:00
- Read time: 1 min
- Topics: s&p 500, spx500, ascending channel, potential reversal zone, support zone, bearish scenario, bullish gartley pattern, business, finance
## S&P 500 near All-Time Highs
The S&P 500 index is trading near its All-Time Highs at $7,825.
## Resistance tested on 4-hour chart
The index reacted negatively to the upper boundary of the Ascending Channel and the major Potential Reversal Zone at $7,793-$7,760.
## Bearish technical signals
A rejection from the Ascending Channel and PRZ increases the possibility of a break below $7,708.
## Elliott Wave correction
The S&P 500 appears to have completed a Zigzag Correction(A-B-C) from an Elliott Wave perspective.
## Bullish counter-signal
A Bullish Gartley Harmonic Pattern is visible on the 4-hour chart providing a counter-signal to the bearish outlook.
## Trade setup details
First take profit at $7,666, second take profit at $7,629, stop loss at $7,801 with key trading level at $7,708.
## Market reaction
The S&P 500 broke below $7,708 and reached the support zone of $7,523-$7,624 as markets enter final trading day of the week.
## Key takeaway

S&P 500 breaks below $7,708 after testing resistance, moving toward $7,624-$7,523 support zone.