The S&P 500 index surpassed the 6,000-point mark on Friday, driven by optimism over strong corporate earnings and economic data. This marks a significant rally for stocks, with the benchmark index breaking out from a pennant pattern last week. The relative strength index confirms bullish momentum.
Key levels to watch include overhead areas around 6,100 and 6,575, which are expected to provide resistance near trendlines and price action patterns on the chart. Conversely, major support levels sit at 5,770 and 5,650, where investors can seek buying opportunities near moving averages and horizontal lines.
The index has rallied sharply from its early-April low, with a 2.4% distance from its record high in mid-February. Last month’s S&P 500 posted its biggest monthly gain since November 2023, as concerns about tariffs have subsided.
Source: https://www.investopedia.com/watch-these-s-and-p-500-levels-after-index-hits-6-000-points-for-first-time-since-february-11750414