Both the S&P and NASDAQ indices are on pace for record closing highs today. The S&P index is currently up 37 points, or about 0.60%, at 6634. Earlier in the session, it reached a new intraday high of 6636.08.
From a technical standpoint, the index continues to trend higher, marked by steady gains and shallow pullbacks. On the hourly chart, each leg higher has seen modest corrections toward key Fibonacci levels:
The rally from April 30 to May 19 retraced to its 38.2% level before bouncing back.
The next move, from May 23 to June 11, also pulled back near the 38.2% retracement and the 200-hour moving average before resuming its climb.
The latest leg higher, which began on June 23, peaked on July 15. The subsequent dip held well above its 38.2% retracement at 6164.97, finding support instead near the July 7 low at 6201.51—suggesting stronger buyer interest at higher levels.
Today’s breakout to a new high confirms continued bullish momentum. While the index is now technically overbought, the trend remains firmly intact as long as price holds above key support levels:
50-hour moving average: 6277.55
100-hour moving average: 6252.80
In short, don’t fight the trend. Bull markets tend to extend farther than expected. A break below the 50- and 100-hour moving averages would be an early warning sign for a deeper correction—but until then, the bulls remain in control. Let the technicals guide your exits.
This article was written by Greg Michalowski at investinglive.com.Hence then, the article about s p index pushing back toward the high was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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