On the 4-hour chart, the S&P 500 (SPX) continues to move firmly within its ascending channel, with the current range around 6,850–6,900 representing a healthy pause after a strong rally. The nearest support sits at 6,800, where buyers previously stepped in, while short-term resistance remains near 6,900.
From a news perspective, the rally is still being driven by tech and AI sectors, especially after the Amazon–OpenAI partnership deal, which reignited positive sentiment across the market. However, investors remain cautious ahead of upcoming U.S. ADP employment and ISM PMI data, which could influence the Fed’s next rate-cut decision.
Overall, the technical structure still supports an upward bias: SPX is consolidating between 6,800–6,900 before potentially breaking toward the 7,000-point zone, aligning with the upper boundary of the trend channel.
As long as the 6,800 support holds, the market retains room for another bullish leg in the sessions ahead, backed by renewed capital inflows into leading sectors.
From a news perspective, the rally is still being driven by tech and AI sectors, especially after the Amazon–OpenAI partnership deal, which reignited positive sentiment across the market. However, investors remain cautious ahead of upcoming U.S. ADP employment and ISM PMI data, which could influence the Fed’s next rate-cut decision.
Overall, the technical structure still supports an upward bias: SPX is consolidating between 6,800–6,900 before potentially breaking toward the 7,000-point zone, aligning with the upper boundary of the trend channel.
As long as the 6,800 support holds, the market retains room for another bullish leg in the sessions ahead, backed by renewed capital inflows into leading sectors.
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Do you want to learn and share market insights every day?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.