The S&P 500 is holding an important short-term technical inflection point as traders continue to watch the rising trendline that has contained every pullback since the June 9 low. Short-term Elliott Wave count with technical indicators for the SP500For now, the setup is straightforward: a decisive break below the trendline would shift the tone. In that scenario, a deeper retracement into the 6,960–7,200 support zone would become possible, with 7,105 standing out as the ideal downside magnet. Hold the rising trendline, and bulls get another shot at 7,580-7,740. Lose it, and the focus shifts quickly to 7,105 within the broader 6,960–7,200 support zone.