S&P 500 Holds Above 200-Hour MA at 7,471, Eyes Record Highs

Buyers remain in control of the S&P 500 heading into the shortened July 4 holiday week, with the index holding above its 200-hour moving average and pushing to a session high of 7,540.45. The move follows a steady technical recovery that began on June 29 when the index rose 1.17% to 7,440.40, clearing its 100-hour MA but still below the 200-hour line at 7,462.30. On June 30 the S&P 500 added 35 points to 7,475.50, decisively reclaiming both the 200-hour MA at 7,463.23 and the 100-hour MA at 7,422.11. Momentum has since carried the index higher, with next resistance eyed at 7,577.92 and the all-time high at 7,620.90.