US500 At and all time highsUS 500 IndexPEPPERSTONE:US500WiseLeoTradingUS500 (S&P 500 ) remains in a medium‑term uptrend, trading to new highs though momentum has started to slow, so the immediate bias is mildly bullish with elevated correction risk. Current trend and price action The index is trading near the 7,000 area after a strong multi‑month advance, with price above its EMA21 and EMA78, confirming an intact primary uptrend. Short‑term, rallies have been stalling near resistance zones and volatility has compressed, consistent with a mature leg higher rather than an early‑stage impulse. Main drivers of the move Macro - Fed: The dominant driver has been expectations that the Fed is at or near the end of its hiking cycle, with markets pricing a shallow cutting path rather than a renewed tightening phase, which supports equity valuations via discount‑rate and risk‑premium channels. Growth and earnings: Better‑than‑feared US growth data and resilient large‑cap earnings, particularly in tech and communication services, have justified higher forward EPS estimates and underpinned multiple expansion. Geopolitics and risk sentiment: Episodes of risk‑off tied to the Middle East complex and energy‑price spikes have produced pullbacks, but dips have been bought as long as no clear recession signal emerges in US data or credit spreads. A useful way to frame it: the tape is being pulled higher by AI/tech and easier‑Fed expectations, and intermittently pushed lower by inflation/geopolitics and “too‑hot” data that revive rate‑hike fears. Key support, resistance and pivot levels Immediate classic daily pivot: around 6,755–6,900, which is acting as the central intraday reference; trading above it tends to keep the bias bullish for the session, below it shifts bias to corrective. Resistance: R1 pivot zone: 7020; break and daily close above would reopen the path toward fresh highs and extend the trend leg. R2: 7,100–7,200 region is the next likely supply pocket if momentum re‑accelerates. Support: First structural support: S1 classic pivot near ~6,755 loss of this would signal a deeper short‑term correction rather than simple intraday noise. Secondary support: S2 classic pivot 6,660 confluence with prior consolidation and minor demand. Analysis by Terence Hove, Senior Financial Markets Strategist at Exness