S&P 500 knocking on the door of record highsUS SP 500 CFDFOREXCOM:SPX500FOREXcomThe S&P 500 has been range-bound over the past couple of weeks, repeatedly finding buyers on dips towards 7,425 support while remaining capped beneath 7,550 resistance. Having just completed a bullish engulfing candle, taking the index back to the top of the range, and with Asian equity markets ripping higher led by technology stocks, the positive tone may extend into the US session. Should we see a break above 7,550 that sticks, long positions could be considered with a tight stop beneath 7,550 for protection, initially targeting a retest of the record high at 7,620. The oscillators favour longs over shorts, with RSI (14) holding above 50 while MACD has staged a bullish crossover, bolstering both the signal and the merits of the trade. The same applies to the key medium and long-term moving averages, with the 50, 100 and 200-day moving averages all rising and stacked in bullish order. Good luck! DS