US Factory Orders Support S&P 500 Rally as Index Pauses Near Record Highs

S&P 500 Renko with 12-Brick Size

Source: TradingView

The Verdict

Current Trend Direction: Bullish

Bias: Positive

Support Levels: 7,000, 6310

Resistance Levels: 7,450, 8,150

Medium Term Path: The move in the S&P 500 Index isn’t going to be a clean ride up. We saw very strong moves in the Index already. The RSI crossed under overbought levels and the Renko pullback tells me the market needs to settle before trying another serious push toward 7,450. For me that’s where I think the S&P 500 will go in the medium term. If demand holds at 7,100, dips still look buyable and the broader grind higher remains alive. Lose that zone, and we could see a deeper reset before the next leg.