S&P 500 Index Hits Fresh Highs, Key Support at 6,900–7,000

AI Summary

On April 23, the S&P 500 index reached new highs, prompting caution as short-term momentum appears stretched. JPMorgan analyst Jason Hunter stated that while overbought readings are reminiscent of late last year, the rally does not show signs of nearing a top. The index is supported as long as it stays above the 6,900–7,000 support zone, with a notable risk below 6,700–6,600. Moving forward, momentum may decelerate as the index nears the 7,100–7,300 resistance range, indicating a potential shift to a more measured growth pace.