S&P500 / Rise in Anticipation of Powell’s Jackson Hole Address

Stock Index Futures Climb Ahead of Powell’s Jackson Hole Speech

S&P 500 Technical Analysis:

The S&P 500 recently pulled back from its resistance at 5643 and is currently consolidating within a narrow range between 5584 and 5620, awaiting a decisive breakout.

Bullish Scenario:
A breakout above 5644 is necessary to challenge the all-time high (ATH) at 5675. If 5675 is breached, it could confirm a bullish trend continuation.

Bearish Scenario:
Should the price remain below 5584 and close a 4-hour candle beneath this level, it could signal the onset of a bearish trend, potentially driving the price down to 5525 and 5460.

Key Levels:

Pivot Line: 5602
Resistance Levels: 5620, 5644, 5676
Support Levels: 5584, 5525, 5460
Expected Trading Range for Today: The price is anticipated to fluctuate between 5620 and 5460.

Current Trend: Bearish momentum