S&P 500 momentum remains firmly bullishUS 500 (per 1.0)TRADENATION:US500TradeNationThe S&P 500 pushed to fresh record highs overnight, gaining +0.58%, as investor appetite for large-cap technology stocks continued to dominate market sentiment. Strength in the NASDAQ (+1.20%) and the Magnificent 7 (+2.00%) reflected ongoing momentum in AI and semiconductor-related names, with Nvidia extending its rally to a sixth consecutive session ahead of next week’s earnings release. The semiconductor sector remains a major driver of broader index performance, with the Philly Semiconductor Index now up an extraordinary +68% in just over six weeks. Positive sentiment was also helped by optics surrounding President Trump’s China visit, with several major US technology CEOs joining the delegation. Markets interpreted the trip as potentially constructive for US-China trade and technology relations, reinforcing optimism around mega-cap growth stocks. Outside equities, lower oil prices provided an additional tailwind for risk assets. Brent crude fell back below recent highs despite the ongoing blockage of the Strait of Hormuz, easing some inflation and geopolitical concerns that had weighed on markets earlier in the week. However, the macro backdrop remains more cautious beneath the surface. Kevin Warsh was officially confirmed as the next Fed Chair, while recent Fed commentary continues to lean hawkish. Boston Fed President Collins reiterated that rates may need to stay elevated for “some time” and even left the door open to further tightening if inflation pressures persist. That reinforces the idea that current equity strength is being driven more by liquidity, momentum, and AI optimism than by expectations of imminent rate cuts. For today’s S&P 500 trading, momentum remains firmly bullish, particularly while technology leadership continues and oil prices stay contained. However, with valuations stretched and the index heavily dependent on a narrow group of mega-cap stocks, markets may become increasingly sensitive to any hawkish Fed signals or disappointment from upcoming tech earnings. The near-term bias remains upward, but volatility risks are also rising as sentiment becomes increasingly concentrated. Key Support and Resistance Levels Resistance Level 1: 7476 Resistance Level 2: 7554 Resistance Level 3: 7600 Support Level 1: 7367 Support Level 2: 7320 Support Level 3: 7274 This communication is for informational purposes only and should not be viewed as any form of recommendation as to a particular course of action or as investment advice. It is not intended as an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. Opinions, estimates and assumptions expressed herein are made as of the date of this communication and are subject to change without notice. This communication has been prepared based upon information, including market prices, data and other information, believed to be reliable; however, Trade Nation does not warrant its completeness or accuracy. All market prices and market data contained in or attached to this communication are indicative and subject to change without notice.