With markets now on standby for the US Federal Reserve’s rate announcement later today at 6:00 pm GMT, the S&P 500 clocked a fresh record high of 5,670 yesterday after invalidating an evening star bearish pattern on the weekly chart and eclipsing the previous all-time high of 5,669 set in mid-2024.

Support Between 5,523 and 5,566

Aside from the recent higher low at 5,402, potentially offering some support, attention will likely shift to the daily chart: support coming in at 5,566 and resistance found at 5,651.

Ichimoku Support is also nearby: the area marked in white between the Conversion Line (blue at 5,536) and the Base Line (red at 5,523), as well as the upper boundary of the Kumo Cloud at 5,530 (Leading Span A).

Price Direction

From a technical viewpoint, support at 5,566 will be watched today, with any spike beneath here likely to be caught by the support area at 5,523-5,536.

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