S&P 500 Futures Reclaim 6387, Bounce Off 6365-6376 Support, Hit 6405-10 Resistance With Potential Move to 6420-6439

The S&P 500 futures (ES_F) experienced a pattern described as "elevator down" selling early on August 20, 2025, which typically lasts a few hours before triggering a short squeeze. The key support zone around 6365.75-6376.75 held firm, leading to a bounce off this level. Reclaiming the 6387 level was critical, as it targeted a move to the resistance zone of 6405-6410, which was successfully reached and held for several hours. This resistance is considered significant, with bulls aiming to establish a base there before pushing higher towards subsequent resistance levels at 6420, 6429, and 6436-6439. Failure to hold above 6405-6410 could lead to a decline back to 6403 or 6387. The short squeeze was confirmed by maintaining support above 6350 and holding the daily trendline, with potential for further upside if the futures move above overnight lows near 6409, possibly pushing the S&P 500 index (SPX) beyond 6410.