Key Resistance Level: Will S&P 500 Break Out or Turn Lower?
The S&P 500 has rebounded to 5,650 points—its level before April’s sharp sell-off and a key technical resistance zone. Following strong earnings reports from the Magnificent 7, this week’s market focus shifts to the FOMC and its signals on interest rate cuts. The market is still pricing in three rate cuts this year.
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Can the S&P 500 successfully break above the 5,600 level, or will it turn lower? And more importantly, can it overcome the seasonal “Sell in May” pattern?