FundamentalOverviewThe S&P 500 remains supportedby the current US government shutdown as it keeps bearish risks away. In fact,the delay of key US data like the NFP is keeping monetary policy expectationssteady and doesn’t give the Fed members much to work with. As long as the Fedcontinues to cut interest rates and keeps a dovish reaction function, the stockmarket will remain skewed to the upside on steady growth expectations. Whatcould trigger a bigger pullback is a hawkish repricing in the current interestrates expectations. That will require strong labour market data though, or clearinflation re-acceleration. S&P 500Technical Analysis – Daily TimeframeOn the daily chart, we can see that the S&P 500 is consolidating above theprevious all-time high around the 6,756 level which is acting as support. Thebuyers will likely continue to step in around the support with a defined riskbelow it to keep targeting new highs. The sellers, on the other hand, will wantto see the price breaking lower to target a pullback into the 6,611 level next.S&P 500 TechnicalAnalysis – 4 hour TimeframeOn the 4 hour chart, we can see that we have a minor upward trendline definingthe bullish momentum which is also adding confluence to the 6,756 support. Again,this is where we can expect the buyers stepping in to keep targeting new highs,while the sellers will look for a break lower to target a drop into the 6,680level. S&P 500 TechnicalAnalysis – 1 hour TimeframeOn the 1 hour chart, there’snot much else we can add here as the buyers will continue to lean on thesupport, while the sellers will wait for a break lower to pile in for new lows.The red lines define the average daily range for today.UpcomingCatalystsToday we have the FOMC meeting minutes. Tomorrow, we have Fed Chair Powellspeaking and the US Jobless Claims report (if the shutdown is lifted). OnFriday, we conclude the week with the University of Michigan Consumer Sentimentreport. This article was written by Giuseppe Dellamotta at investinglive.com.