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The S&P 500 has been downgraded ten points to +40, reflecting the continuation of selling pressure that deepened this week’s pullback into a full standard retracement. What began as a bull flag has evolved into a test of the final shelf of support at the 6,700–6,720 zone, where the daily 50-SMA aligns with the weekly 9-EMA. Despite the drawdown, structure remains technically valid (barely) leaving the market’s bullish footing intact for now, yet fragile as traders weigh headline risk and shifting sentiment.