US500 Remains BullishS&P 500SP:SPXWiseLeoTradingFundamental Analysis US500 remains fundamentally constructive, with robust year over year growth above 15% driven primarily by optimism in the technology and AI sectors. However, sentiment has cooled, leading to recent profit taking following fresh record highs. Key fundamental risks include worries over stretched valuations in tech and persistent uncertainty stemming from the ongoing US government shutdown and the resulting shortage of key economic data. Near term direction will be heavily influenced by the release of the University of Michigan sentiment index and the crucial September CPI, alongside the upcoming banking sector earnings. Technical Analysis The US500 is currently consolidating near 6,735 points after its recent peak. The dominant trend remains bullish, supported by the fact that all major Moving Averages (10 to 200 periods) are in "strong buy" territory. Momentum indicators like the RSI are approaching overbought levels, suggesting the rally needs a brief pause but have not yet signaled a reversal. Key technical levels to watch are: Immediate Resistance: 6,805 Stronger technical target for the medium term. Pivot Support: 6,700, Potential bounce zone/trend continuation threshold. Critical Support: 6,570, Key downside buffer; breach could signal a deeper correction. Analysis by Terence Hove, Senior Financial Markets Strategist at Exness