⬤ The S&P 500 pushed to fresh record highs during Tuesday's session, pressing against a rising trend line as markets position themselves ahead of the Federal Reserve's interest rate announcement. The index is challenging key technical levels while maintaining its upward momentum into one of the most closely watched policy decisions of the year.
⬤ SPX is currently trading near 7040, with the next resistance level sitting at 7049—the 127 percent extension of the recent two-week pullback. The index has approached this zone while holding its broader upward structure, suggesting traders are pausing near resistance rather than forcing an immediate breakout.
⬤ If the index pulls back, support is clearly marked at 6944. This level represents a key reference within the recent trading range and lines up with short-term structural support. A move down to this area would be a retracement within the current trend, not a reversal of the overall direction based on the technical setup.
⬤ The timing matters. With the FOMC decision coming later today, the interaction between price action, the rising trend line, and the defined resistance at 7049 and support at 6944 makes this session particularly important. How the market reacts to the Fed's announcement could set the tone for near-term equity momentum as policy expectations come back into focus.
