3 minsS&P500 (SDX):
After breaking into all-time highs on the S&P 500, the price has been consolidating just above the prior resistance zone. With rising geopolitical tensions and economic uncertainty ahead, I’ll be closely watching to see if these newly formed support areas hold should the price begin to pull back. Additionally, there’s an ascending trend line that could serve well as a support level if a downward move occurs.
Taking a closer look at the technicals reveals room for a potential pullback if the price begins to move lower. However, if the price continues pushing to new highs, I’ll be watching the RSI indicator closely, focusing on the 70% level as a signal for potential overbought conditions. Currently, we are trading just above $5,700.00.
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