S&P 500 remains on the road to rally, but indecision runs high
SPY•The S&P 500 has traded in a narrow range for more than 30 sessions since reaching a record intraday high of 7,816.70 on August 13, and closed Tuesday at 7,670.84, down 1.9% from the peak. Technical levels cited include support near 7,645–7,640 and resistance at 7,782.19.
1. Index remains range-bound
The S&P 500 has moved sideways for more than 30 sessions since reaching a record intraday high of 7,816.70 on August 13. It closed Tuesday at 7,670.84, down 1.9% from that peak, while its deepest pullback during the stretch was 3.95%.
2. Technical levels in focus
Daily Bollinger Bands remain narrow by historical standards, a sign of indecision that can precede a significant breakout but does not indicate its direction. Initial support sits at 7,645–7,640, followed by the 100-day moving average near 7,555 and the September 16 low of 7,507.77. Resistance is at the September 22 high of 7,782.19 and then 7,816.70; 8,000 is a further target if the index breaks out of its recent range.
