LIVE MARKETS-S&P 500 stalls near records; Key levels in focus 

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S&P 500 STALLS NEAR RECORDS; KEY LEVELS IN FOCUS

The S&P 500 .SPX rose 0.4% on Monday to 7,690.73, leaving it just 1.6% below its October 6 record close and 2.0% shy of its intraday record set the same day. Even so, the benchmark index remains up 12.4% for the year.

Despite trading near record highs, the S&P 500 has made surprisingly little progress over the past several months. Since closing at a then-record 7,609.78 on June 2, the index has gained just 1.1% over 96 trading days amid persistent concerns about oil prices, inflation, interest rates, AI spending and debt, and uncertainty surrounding this year's midterm elections.

The S&P 500 has posted 28 record closes in 2026, but only four have come since early June, including just one since mid-August, around the time its daily advance/decline line peaked.

Beneath the surface, the rally has become increasingly concentrated. Industrials .SPLRCI, utilities .SPLRCU and real estate .SPLRCR remain 10.6% to 18.1% below their record highs, while technology .SPLRCT and communication services .SPLRCL have weakened this month.

Against this backdrop, several key chart levels warrant close attention.

On the downside, a weekly Gann line sits near 7,685. Additional support comes from the October 16 low at 7,631.77 and the October 1 low at 7,616.78. Just beneath those levels lies the rising 100-day moving average (DMA), now near 7,600. The S&P 500 has not closed below that average since April 7.

A close below the 100-DMA would shift attention to the September 16 low at 7,507.77. Beneath that lies the June-July trough zone between roughly 7,237 and 7,313, which also contains the rising 200-DMA near 7,275. A retreat to this area would leave the index roughly 6.4% to 7.5% below its record closing high.

On the upside, the 50-DMA sits near 7,705. A move above the October 16 high at 7,756.84 would put the record highs back in play, while a breakout above the October 6 intraday record of 7,844.52 could open the door to a test of the 8,000 psychological level.

(Terence Gabriel)

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