Todays levels breakdown. 8/7/26

SP500 daily level breakdown, August 7th

Before the opening bell, SPX was trading beneath its upper resistance levels. At the 9:30 open, price found support at 7734 and bounced up into resistance at 7748. From there, sellers took control, breaking down through 7734 and continuing all the way to the 7720-support zone, which caught the low of day near 10:15 AM, with the actual low print at 7720 to the penny, direct hit 🎯. Price then reversed sharply, rallying all the way up to the daily range high at 7762. Along that move, a rising wedge formed, which was flagged live with a full measured move target of 34 points. Once price broke down out of the wedge, profit taking was advised in real time, with stops moved to breakeven to lock in a risk free trade. Price then chopped between 7734 support and 7748 resistance a few times before making a final push back up to the daily range high at 7762, ultimately closing just beneath it at 7757 on the cash chart. Historically, price closes within the daily range roughly 80 percent of the time, and today reinforced that edge.