Can the Bulls Extend the Streak Past 6,370?
Buyers remain in control as futures push above recent consolidation highs.
Market Overview:
Welcome to today’s market overview. The S&P 500 Futures are pushing higher in the premarket session with price action staying firmly in bullish territory. We’ll explore today’s momentum strength, trend line counts, and how price behavior above key Fibonacci zones continues to shape the uptrend.
Bullish/Bearish Trend Analysis
Trend Condition:
Bullish Trends: 14
Bearish Trends: 0
Overview:
The market is bullish, with 14 trend lines signaling upward momentum. There are 0 bearish trends, indicating no current signs of reversal pressure.
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Price Action and Momentum Zones
Current Price and Change:
Currently, the S&P 500 Futures are at 6,370.50, up by 23.25 points or +0.37%.
Market Behavior:
Futures are showing a strong uptick early in the session. Buyers are firmly defending the uptrend, continuing to push the market near highs without retracement.
Momentum Zones:
Price is well above the 23.6% retracement level, placing it in the momentum zone. This zone, in a bullish context, acts as a demand zone and support. The corrective zones between the 38.2% and 61.8% levels remain far below and have not been tested since the breakout began in April.
Fib Retracement Levels
Current Position Relative to Levels:
The market is currently above the 23.6% Fibonacci retracement level.
Key Fibonacci Levels:
23.6% → 6,010.28
38.2% → 5,785.11
50.0% → 5,603.12
61.8% → 5,421.14
Analysis:
Price continuing to hold above the 23.6% level confirms bullish control. As long as this zone holds, buyers remain in charge. A pullback to this level would still be considered healthy and supportive of trend continuation.
Overall Market Interpretation
Today’s upward move reinforces the existing bullish structure. Trend lines remain green across the board, and price action is not just holding above support—but making incremental highs. No breakdown signs are present.
Summary
The S&P 500 Futures are showing strength early in the session. The broader trend remains bullish, and the 23.6% Fibonacci level is acting as support. This level will likely decide the market’s next move. Watch closely for signs of either a continued surge or the start of a controlled pullback.
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