$SPX: The selling pressure continues, but the critical level at 7,232 points has NOT yet been broken. Yesterday’s intraday low in the S&P 500 futures was around 7,324 points. A technical bearish signal would be further confirmed only below 7,232 points, activating the target zone of 7,190–7,000 points accordingly. COT data have shown declining institutional support since the all-time high: 🔻 Asset Manager COT Index: 76.7 ↘️ 64.4 🔻 Positioning Spread: 46.3% ↘️ 44.3% of Open Interest 🔻 Divergence Z-Score: −0.17 ↘️ −0.72 Asset managers remain net long, but their relative overweight position is diminishing. Meanwhile, leveraged funds have not yet aggressively increased their net short positioning. The COT picture thus signals a weakening market environment, but not yet a fully confirmed risk-off trade. My primary Elliott Wave scenario remains intact: 🎯 Break below 7,232 points: Target 7,190–7,000 with potential sub-wave (3)(red) 📈 Followed by a possible corrective sub-wave (4)(red) 📉 Then a final sub-wave (5)(red) to complete wave (C)(yellow) Below 7,000 points, the larger retracement zone for wave 4 (circle, cyan) at 7,000–6,380 remains relevant. If the next COT report confirms continued weakening institutional support, the risk for Nasdaq, tech stocks, and Bitcoin will likely rise further. Knowledge is wealth. Recognize trends. Trade proactively. TSC | Trend Serra Capital