S&P 500 Weekly: Bull Flag Breakout Meets Key ResistanceS&P 500SP_DLY:SPXChartrickS&P 500 (SPX) Weekly Technical Outlook: 17–21 August 2026 S&P 500 is pushing further into uncharted territory this week, with a bull flag continuation pattern taking shape just under all-time highs. CMP: 7785.76 (as on week closed 14 Aug 2026) This week's range played out entirely within the 7717.25–7816.70 zone, with price closing near the upper half at 7785.76. The broader structure remains a strong uptrend, defined by a clean sequence of higher highs and higher lows since the move began. A bull flag continuation pattern is forming just beneath the recent swing high, and a breakout from this pattern would align with the broader bullish structure already in place. RSI is sitting at 68.14 after repeatedly testing and holding the 60 level. That's the level I'm watching most closely right now, not necessarily the immediate resistance overhead - sustained strength above 60 keeps this uptrend structurally sound, while a slip back under it would be the first real sign that momentum is fading. Technical Indicators RSI: Currently 68.14, having tested the 60 level multiple times without a sustained break lower. RSI above 60 now functions as a momentum support zone in my view - a clean break back under it would flag weakening trend strength. Bollinger Bands: Price is trading well above the Mid Bollinger Band at 7370.65, which sits well beneath current price and isn't an immediate factor this week. Momentum: Price action reflects improving buying interest and strengthening momentum into the move, consistent with the broader uptrend structure. Levels Resistance: 7816.70 - Immediate resistance / recent weekly high 7857.62 - Key resistance (Fibonacci 1.618) 8240.67 - Major resistance (Fibonacci 2.618) Support: 7717.25 - Immediate support 7620.90 - Key support 7580.05 - Major support Does SPX clear 7816.70 cleanly this week, or does the bull flag need one more retest of 7717.25 before it resolves higher? SPX, SP500, SPX500, StockMarket, TechnicalAnalysis This analysis is educational technical chart analysis provided for informational purposes only. It does not constitute investment advice or any recommendation to buy, sell, or hold any financial instrument. All analysis is based on publicly available market data and is subject to change. Users are solely responsible for their own investment and trading decisions.