S&P 500 positive for the year
The S&P 500, together with the Nasdaq 100, are trading back in positive territory for the year.
In the short-term the index may soon lose upside momentum, though, as it nears the 5,909-to-5,923 resistance area which is made up of the 3 and 25 February lows.
The US index is also as overbought on the daily Relative Strength Index (RSI) as it was in July 2024 and has left a huge gap open between Friday’s 5,691 high and Monday’s 5,786 low.
Potential slips may find support between the January low and the late March high at 5,786-to-5,773 ahead of the 200-day simple moving average (SMA) at 5,753 and Thursday’s 5,720 high.
Resistance above the 5,909-to-5,923 resistance zone may be found around the March high at 5,986.