S&P 500 Still Holding Up — But 7,519 Is the Line in the SandUS SPX 500OANDA:SPX500USDDukesMarketAnalysisBuyers Still Defending 7,590 The S&P 500 continues to find plenty of buying and selling interest around the 7,590 area. Multiple wicks and candle closes around this level show just how important it has become. Primary Trend Remains Bullish Despite the recent sideways price action, the broader trend remains firmly up. The index is still trading relatively close to its 7,821.6 all-time high. Weekly EMAs Remain Bullish The 21/8-week EMAs remain bullishly crossed, with price continuing to trade above both averages. For now, this continues to support the wider bullish structure. Momentum Still Healthy RSI remains comfortably above 50 and has actually held above that level since March. StochRSI is sitting around mid-range, so momentum is neither particularly stretched nor oversold. Possible Secondary High The recent 7,793.9 high fell just short of the all-time high at 7,821.6. It is too early to know whether this becomes a meaningful secondary high, but it is something worth keeping an eye on. 7,519 Is the Key Level For me, the recent structural low at 7,519.3 is now more important than the day-to-day movement around 7,590. A break below it would be the first meaningful sign that the short-term structure is beginning to weaken. In Summary The S&P 500 remains in a strong primary uptrend, but price has started consolidating beneath the recent all-time high. The 7,590 area continues to attract both buyers and sellers, while the bullishly crossed 21/8-week EMAs and RSI above 50 keep the wider picture constructive. For me, 7,519.3 is now the important structural level. As long as that holds, the recent price action still looks more like consolidation than a significant trend change.