4 min readThe S&P 500 has extended its bullish momentum, breaking above local resistance on the daily chart and pushing further into the key resistance zone marked as level 2, between 6,000 and 6,100. This move builds on an already strong local uptrend and brings the price closer to the all-time highs.
If current momentum continues and the breakout proves to be sustained, the next major resistance to watch is around 6,142, marked as level 3. This level sits above the current price and aligns closely with the historical all-time high.
On the 4-hour chart, the structure adds clarity. Price has broken above a local descending trendline as well as the resistance zone marked with level 3 near 6,050. This breakout places us in a potential acceleration phase, but we now turn our focus to three key levels that could act as support if the price pulls back.
Level 3, now broken, could act as the first support on a retest. If the price fails to hold there and the breakout turns into a fakeout, we then look to level 2, around 6,000, as the next possible support area, which also aligns with the previous trendline and horizontal structure.
A deeper retrace that breaks below level 1 at 5,920 would raise concerns about a broader fakeout, as this would invalidate the local bullish structure and could trigger further downside pressure.
That said, the overall structure remains bullish for now. The S&P 500 is trading just shy of all-time highs, and unless we see a confirmed rejection at these upper levels, momentum continues to favour the upside.
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