Fresh records in hand, the S&P 500 heads into a busy week

From a technical perspective, last week's breakout keeps bulls focused on the next major upside target: the psychologically important 8,000 level. That zone is reinforced by several technical markers, including 12 times the Financial Crisis low of 666.79, which projects to 8,001.48, and a weekly Gann line that currently sits around 8,030.

On the downside, initial support lies at the August 6 low of 7,698.15. Below that, traders will be watching a more significant support area running from the June 2 high of 7,620.90 down to the upper boundary of the recently broken triangle pattern, which should come in just below 7,560 this week.

A retreat back below the early-June high and the former triangle resistance line would cast doubt on the breakout and suggest it may have failed.

On Monday, stock futures are modestly lower as investors assess developments in the Middle East that could influence the reopening of the Strait of Hormuz. Markets are also gearing up for a busy week packed with key inflation readings and corporate earnings reports.

U.S. equity index futures are modestly red. The Euro STOXX 600 index is up about 0.1%. The dollar gains, U.S. crude rises about 2%, while gold and bitcoin slip. The U.S. 10-year Treasury yield edges up to about 4.67%.

After last week's breakout from a multi-month triangular pattern, the S&P 500 is entering the new week on a more cautious note. The benchmark index ended Friday up 0.62% at an all-time closing high of 7,757.64, marking its 26th record finish of 2026. For comparison, the index notched 39 record closes during all of last year.

Even so, the rally lost some momentum late in the week, with the S&P ending Friday about 0.5% below its August 5 intraday record high of 7,793.68.