Both the S&P and NASDAQ indices are on pace for record closing highs today. The S&P index is currently up 37 points, or about 0.60%, at 6634. Earlier in the session, it reached a new intraday high of 6636.08.

From a technical standpoint, the index continues to trend higher, marked by steady gains and shallow pullbacks. On the hourly chart, each leg higher has seen modest corrections toward key Fibonacci levels:

The rally from April 30 to May 19 retraced to its 38.2% level before bouncing back.
The next move, from May 23 to June 11, also pulled back near the 38.2% retracement and the 200-hour moving average before resuming its climb.
The latest leg higher, which began on June 23, peaked on July 15. The subsequent dip held well above its 38.2% retracement at 6164.97, finding support instead near the July 7 low at 6201.51—suggesting stronger buyer interest at higher levels.

Today’s breakout to a new high confirms continued bullish momentum. While the index is now technically overbought, the trend remains firmly intact as long as price holds above key support levels:

50-hour moving average: 6277.55
100-hour moving average: 6252.80

In short, don’t fight the trend. Bull markets tend to extend farther than expected. A break below the 50- and 100-hour moving averages would be an early warning sign for a deeper correction—but until then, the bulls remain in control. Let the technicals guide your exits.

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This article was written by Greg Michalowski at investinglive.com.