The S&P 500 continues to grind higher within a well-defined rising channel, holding above both the 50-day SMA (6,486) and the 200-day SMA (6,023), which reinforces the broader bullish structure. Price action has respected the channel boundaries since May, with the recent bounce off the mid-line suggesting buyers remain in control.
Momentum indicators support the bullish bias:
MACD is positive, showing steady upside momentum.
RSI sits near 68, not yet overbought but approaching elevated levels, hinting at a possible test of the channel’s upper boundary.
As long as price holds above the 6,600 zone, the path of least resistance remains higher, with the channel top near 6,800 as the next potential target. A break below the channel support, however, could trigger a corrective pullback toward the 6,450–6,500 area, aligning with the 50-day SMA.
Overall, the trend remains bullish, with dips likely to be treated as buying opportunities while the channel structure holds. -MW
Momentum indicators support the bullish bias:
MACD is positive, showing steady upside momentum.
RSI sits near 68, not yet overbought but approaching elevated levels, hinting at a possible test of the channel’s upper boundary.
As long as price holds above the 6,600 zone, the path of least resistance remains higher, with the channel top near 6,800 as the next potential target. A break below the channel support, however, could trigger a corrective pullback toward the 6,450–6,500 area, aligning with the 50-day SMA.
Overall, the trend remains bullish, with dips likely to be treated as buying opportunities while the channel structure holds. -MW
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