The SPX index's upward momentum has significantly slowed after entering the resistance zone, indicating a large amount of selling pressure from trapped investors.

From the volume-price relationship, the SPX has shown a divergence in volume and price during its upward trend since April, suggesting that buying pressure is gradually weakening;

From the RSI indicator, the SPX has already shown a daily RSI divergence, signaling a depletion of upward momentum;

From the wave theory perspective, after May 23, the SPX has formed a small terminal inclined triangle.

Therefore, in the short term, the SPX is likely to decline, and according to the characteristics of the terminal inclined triangle, it will likely drop to the vicinity of the short-term support level.

From a medium to long-term perspective, there are two possible scenarios for the SPX's upcoming trend:

Optimistic scenario: The SPX receives support at the short-term support level, continues to rise, and even breaks the previous high;

Pessimistic scenario: The SPX effectively breaks below the short-term support line, which means that the rise since April was merely a rebound in a bear market, and it is very likely that the SPX will experience a deep decline, potentially falling below the early April low.