S&P 500 Breaks Out as Bullish Momentum AcceleratesS&P 500SP:SPXDomicChainaHello traders, the S&P 500 has now fully broken out of its previous consolidation range and is currently trading around the 7,400 level — marking the highest zone seen in several weeks. What stands out technically is how cleanly price continues holding above both EMA34 and EMA89. More importantly, EMA34 has started widening its distance above EMA89, which is often a strong indication that the medium-term bullish trend is regaining momentum. The key support area I’m monitoring right now sits around 7,250–7,180 points. This region aligns closely with the rising EMA34 and could act as the next bullish retest zone. If the index pulls back into this area without aggressive selling volume, I believe there is a strong chance buyers will step back in and push price toward 7,500 points, with 7,600 becoming the next upside target. On the macro side, risk appetite is improving again as investors increasingly expect the Federal Reserve to adopt a softer tone later this year if inflation continues cooling. In addition, stronger-than-expected earnings from several major technology companies are providing further support for US equities. That said, rising US Treasury yields and higher oil prices driven by geopolitical tensions still remain important risks for the stock market. If inflation reaccelerates, the Fed may be forced to keep rates elevated for longer, which could trigger deeper corrective moves across equities. For now, the primary trend remains bullish. My preferred scenario is a short-term retest around 7,250 points before the S&P 500 extends toward fresh highs.