S&P 500 Near Record Highs, But This Week Could Change EverythingS&P 500SPCFD:SPXNaranjCapitalThe S&P 500 is still close to its record high. But after Friday's session, the market has a new question to answer: Can the rally continue if investors start expecting higher interest rates? The index closed at 7,711.76, down 0.25% on Friday, after Fed Chair Kevin Warsh's Jackson Hole speech changed the tone of the market. His focus on inflation and prices was seen as more hawkish than investors expected. As a result, expectations for a September rate hike jumped sharply, while the 10-year Treasury yield moved higher. Stocks initially reacted positively, but the enthusiasm faded as the session progressed. And that makes this week particularly important. The market now has a lot to digest The economic calendar is packed. 📌 Tuesday: Manufacturing data and job openings 📌 Wednesday: ADP jobs data and Broadcom earnings 📌 Thursday: Services activity and jobless claims 📌 Friday: Nonfarm Payrolls and unemployment data Friday's jobs report could be the biggest market-moving event of the week. A weaker-than-expected report could ease concerns about further rate hikes and give stocks another push toward their highs. A stronger jobs report, especially if wages remain sticky, could do the opposite. And then there is Broadcom The AI trade has been one of the biggest drivers of the market this year. With Broadcom reporting earnings on Wednesday, investors will be looking beyond the company's numbers. They will be asking: Is AI spending still strong enough to justify the market's high valuations? A strong result could support the technology sector. A disappointment could put additional pressure on an already concentrated market. What does the chart say? The bigger trend remains positive. But the S&P 500 is now approaching a very important ceiling. 🔴 7,800: Major resistance The index has already approached this area twice and failed to break decisively above it. A clean move above 7,800 could signal another leg higher. But another rejection could lead to a short-term pullback. On the downside: 🔵 7,550–7,600: Key support This is the immediate level to watch. A break below it could bring the 7,250–7,300 zone into focus. The bigger picture The S&P 500 is still in an uptrend. But this week brings together interest rates, jobs data, AI earnings and geopolitical risks at a time when the index is sitting close to record highs. That combination makes the next few sessions particularly important. Will the S&P 500 finally break above 7,800, or will another rejection trigger a pullback? For now, the trend remains positive, but chasing the market near resistance may not offer the best risk-reward. This week, the data could decide what the chart does next.