S&P 500 Holding Within Ascending Channel

Chart Analysis:

The S&P 500 Index remains firmly within its ascending channel (green zone), with the current price rebounding from the channel's midline near 6,006.5. The bullish structure remains intact, supported by key moving averages.

1️⃣ Ascending Channel:

Price continues to respect the channel boundaries, with recent consolidation near the midline and potential for further upside toward the upper boundary.

2️⃣ Moving Averages:

50-day SMA (blue): Positioned at 5,938.1, acting as immediate support and reinforcing the bullish short-term trend.
200-day SMA (red): Positioned at 5,547.4, providing robust long-term support for the broader trend.

3️⃣ Momentum Indicators:

RSI: At 52.74, indicating neutral momentum and room for price movement in either direction.
MACD: Positive but flattening, suggesting momentum remains supportive of the uptrend, though caution is warranted.

What to Watch:

A continued bounce higher could target the channel's upper boundary near 6,100–6,150, while a failure to hold above the 50-day SMA could shift focus to the lower boundary near 5,800.

Momentum signals from the RSI and MACD will be crucial in determining whether the current bounce has the strength to sustain a move higher.

The S&P 500 remains structurally bullish within its ascending channel, with key support and resistance levels offering clear guidance for traders.

-MW