LIVE MARKETS-S&P 500 index: Striking distance

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S&P 500 INDEX: STRIKING DISTANCE

The S&P 500 index .SPX ended Friday at 6,000.36, which was its first close back above 6,000 since February 21. With this, the benchmark index finished down just 2.34% from its 6,144.15 February 19 record close, and down 2.39% from its 6,147.43 record intraday high:

Since April 8, the cycle low for the 2025 selloff, the SPX has advanced 20.42%. The average daily change over this period is +0.47%. However, the average up day has been +1.22%.

Thus, if the current trend were to persist, and the market now delivers just two average up days in a row, there would be potential for new highs by Tuesday's close.

Even though new highs appear within striking distance, traders are also eyeing the long-term resistance line from the 1929 high, which resides around 6,250 in June.

This line presents a major hurdle given that it capped strength in the December-February period. It now sits about 4.2% above Friday's finish.

On weakness, initial support is at the June 5 low at 5,921.20. The May 30 low was at 5,843.66, and the May 27 gap requires a fall to 5,829.51 for a fill.

The closely followed 200-day moving average (DMA), as well as the Fibonacci-based 233-DMA, ended Friday in the 5,796-5,751 area.

(Terence Gabriel)

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