The S&P 500 futures (US500) are currently showing oversold conditions on the 4-hour RSI, which historically has led to significant bounces. The analysis points to an immediate bounce to fill a recent gap down, with a minimum target around 6940, representing an approximately 1.82% gain from current levels. Longer-term, if a strong bullish reversal occurs, the price could target the upper resistance line around 7200-7300. The invalidation for this bullish bounce would be a break below the 6661.4 support level. Traders are advised against shorting at current levels due to the high probability of a bounce.