S&P 500 Sheds 2.68% in a Week: Key Levels to Watch at 7,376

The S&P 500 dropped 2.68% in a single week, and the analyst behind the widely followed weekly chart breakdown says the next few candles will decide the index's direction. The index closed at 7,376.86 on 06 November 2026, according to Chartrick, the TradingView author who published the technical review under the title "SPX Weekly: Market Prediction & Key Levels."

The decline didn't break the bull market. Chartrick notes the broader higher-highs and higher-lows structure remains intact, but the index has entered a corrective phase. Two technical failures defined the week. Price couldn't sustain above the middle Bollinger Band at 7,612.27. And the index lost the RSI 60 threshold on the way down.

Where does price sit right now?

The index is now approaching an ascending trendline that originates from the broader bull-market structure, Chartrick writes. That trendline doubles as a make-or-break level. The weekly low of 7,350.35 tested immediate support around 7,354.03 and, so far, that support held.

Momentum confirms the pullback. The relative strength index sits at 44.93, down from above 60, reflecting weakening momentum. Chartrick flags the 40 level as the key momentum support zone to watch, noting the index has found support there before. On the upside, a sustained RSI recovery above 60 would signal improving momentum. Price trading below the middle Bollinger Band at 7,612.27 points to weakening short-term momentum as well.

What are the Fibonacci reference levels?

Chartrick anchors the analysis to a Fibonacci retracement grid with five reference points:

• 0.000 — 7,844.52
• 0.236 — 7,134.28
• 0.382 — 6,694.90
• 0.500 — 6,339.78
• 0.618 — 5,984.66

The 0.236 level at 7,134.28 lines up with the analyst's major support, while the 0.000 level at 7,844.52 coincides with major resistance. That confluence gives the grid practical weight for traders tracking the next leg.

Which resistance levels matter?

Chartrick lays out three upside hurdles:

• 7,411.97 — Immediate Resistance
• 7,517.12 — Key Resistance
• 7,844.52 — Major Resistance

A recovery above immediate resistance at 7,411.97 would indicate an improving short-term price structure, the analysis states. Beyond that, 7,517.12 marks key resistance and the top of what Chartrick calls the critical zone.

Which support levels matter?

On the downside, three floors stand between price and deeper losses:

• 7,354.03 — Immediate Support
• 7,237.85 — Key Support
• 7,134.28 — Major Support

The weekly low of 7,350.35 already probed immediate support around 7,354.03. Further downside remains possible if the ascending trendline and these key support levels fail to hold, Chartrick warns.

What decides the next move?

The critical zone for the next directional move spans 7,237.85 to 7,517.12, according to the analysis. That range bundles key support, immediate resistance and the ascending trendline into one decision area. Chartrick frames the question directly: "What resolves first in your view: a hold on the ascending trendline, or a move back toward immediate resistance at 7,411.97?"

The stakes are straightforward. A hold of the trendline keeps the corrective phase contained within the existing bull structure. A break of 7,237.85 opens room toward major support at 7,134.28 and the deeper Fibonacci references at 6,694.90, 6,339.78 and 5,984.66. A push above 7,411.97, then 7,517.12, would rebuild the short-term structure and put major resistance at 7,844.52 back in play.

Chartrick's analysis is educational technical chart analysis provided for informational purposes only. It does not constitute investment advice or any recommendation to buy, sell or hold any financial instrument, and all findings are based on publicly available market data subject to change.

For now, traders watching the S&P 500 weekly chart have their answer key: RSI holding 40, price holding 7,354.03, and the 7,237.85–7,517.12 zone resolving the next move.