LIVE MARKETS-After its biggest burst since 2020, can the S&P 500 push higher?

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AFTER ITS BIGGEST BURST SINCE 2020, CAN THE S&P 500 PUSH HIGHER?

Since hitting the Middle East conflict intraday low in late March, the S&P 500 has been on a strong run, climbing as much as 13.2% to reach a fresh record intraday high of 7,147.52 last week.

With this, the benchmark index posted its biggest rolling 13-day advance since April 2020.

After a brief two-day pause, momentum picked up again on Wednesday, when the index logged another record close — its eighth new closing high of the year — finishing the session at 7,137.90.

Fast forward to Thursday, and things are looking a bit more cautious. The main Wall Street futures are modestly lower as investors appear hesitant to extend the recent equities rally in the absence of clear signals on the U.S.-Israeli war on Iran, while a batch of mixed earnings further dents sentiment.

E-mini S&P 500 futures EScv1 are down around 20 points, or roughly 0.3%, signaling some pressure at the open. Still, bulls are hoping a pullback stays orderly, nearby support holds, and the prevailing trend quickly resumes.

From a technical perspective, initial support sits near the April 21 intraday low of 7,050.20. Below that, the 7,002 to 6,953 zone stands out as a more important support area. That band includes the late-January record high, the 7,000 milestone, several former weekly highs from January and February, and a fair amount of chart congestion.

If that support holds and the index can punch through its 7,147.52 April 17 intraday high, the next major obstacle comes into view around 7,275. That level aligns with a weekly Gann Line and sits just about 1.8% above the recent peak.

For context, Gann Lines are a technical tool used to gauge support and resistance, trend strength, and possible turning points by looking at the geometric relationship between price and time. Notably, this particular line has largely capped upside since late 2024.

(Terence Gabriel)

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