Weekly Analysis

S&P 500 Index (SPX) | Published by Chartrick’s Team of Experienced Technical Analysts

Key Insight

S&P today continues to trade near record highs following a strong advance and subsequent consolidation, with a potential bull-flag continuation pattern developing, according to this educational technical chart analysis for 21 September – 25 September 2026. Price remains above the previous key resistance level of 7,580.05 on a closing basis, which maintains its importance as a change-of-polarity support zone.

With a CMP of 7,650.51, RSI at 60.87 has held above the 60 level after multiple retests, indicating strong upward momentum. A sustained breakout from the developing bull flag, supported by RSI holding above 60, would reinforce the broader bullish structure, and that is the central question of this S&P 500 chart analysis. Price has also recently tested the Mid Bollinger Band at 7,545.22, which remains an important dynamic support reference.

All content on this page is educational technical chart analysis provided for informational purposes only. It does not constitute investment advice or any recommendation to buy, sell, or hold any financial instrument.

What Does the Current S&P 500 Chart Structure Show?

The weekly S&P 500 Index (SPX) chart shows a strong uptrend following a sharp rally from 7,313.92 to 7,816.70, with higher highs and higher lows reinforcing the broader uptrend. Price is trading near record highs, and the consolidation since the advance has produced a potential bull flag continuation pattern within that uptrend.

The weekly close of 7,650.51 holds above the previous resistance at 7,580.05, which now acts as a change-of-polarity support zone, while resistance is layered above at 7,674.36, 7,757.63 and 7,816.70. The latest consolidation indicates some short-term hesitation near resistance, even though momentum remains constructive and the RSI 60 level remains important in assessing continuation versus a potential pullback.

• A sharp rally from 7,313.92 to 7,816.70 established the strong uptrend
• Higher highs and higher lows are visible, reinforcing the broader uptrend
• A potential bull flag continuation pattern is developing after the advance
• Price remains above the previous resistance at 7,580.05 on a closing basis, which now acts as change-of-polarity support
• Price recently tested the Mid Bollinger Band at 7,545.22, an important dynamic support reference

Why RSI Holding Above 60 Is the Key Signal

RSI has retested the 60 level on multiple occasions and has continued to hold above it, and it now stands at 60.87. In this analysis, RSI above 60 may act as a key momentum support zone, which means the indicator serves as a gauge of whether the advance can continue or whether a deeper pullback is developing. Repeated holds at that level are what describe the current momentum as strong.

That is why the 60 level carries weight for the bull flag as well. A sustained breakout from the flag supported by RSI holding above 60 would reinforce the bullish structure, while a sustained move below 60 would indicate weakening momentum and increase the probability of a deeper consolidation or pullback. The RSI reading and the price levels therefore need to be read together, with 7,580.05 and 7,757.63 marking the critical zone between key support and key resistance.

How Are the Technical Indicators Reading?

RSI (Relative Strength Index)

RSI is at 60.87 on the weekly chart after retesting the 60 level on multiple occasions, indicating strong upward momentum. Sustaining above 60 may support continued upward strength, and RSI above 60 may now act as a key momentum support zone. A sustained move below 60 would indicate weakening momentum and increase the probability of a deeper consolidation or pullback.

Bollinger Bands

Price has recently tested the Mid Bollinger Band at 7,545.22, which remains an important dynamic support reference. It is the lowest of the three support levels in this analysis and sits just below the key change-of-polarity support at 7,580.05, so a sustained break below 7,580.05 followed by weakness below the Mid Bollinger Band would indicate weakening momentum.

Fibonacci Analysis

The Fibonacci levels on the chart are 0 at 7,237.85, 0.236 at 7,328.25, 0.382 at 7,384.18, 0.5 at 7,429.38 and 0.618 at 7,474.57, with the 1.618 extension at 7,857.62. The retracement levels sit below the current consolidation range and the support levels in this analysis, while the 1.618 extension sits just above the horizontal resistance at 7,816.70 and forms the upper end of that resistance zone.

Trend Insight

The trend is a strong uptrend supported by price momentum and constructive price structure, with a momentum structure that shows a strengthening bias. Higher highs and higher lows are visible, which reinforces the broader uptrend, and a bull flag continuation pattern is developing after the sharp rally.

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Key Technical Levels for S&P 500 (SPX)

The following support and resistance levels are identified in this S&P 500 educational technical chart analysis. All levels are derived from expert chart analysis using publicly available market data.

Resistance Levels

Resistance Type	Price Level	Notes
Immediate Resistance	7,674.36	Immediate resistance, sits above the CMP of 7,650.51
Key Resistance	7,757.63	Key resistance level
Major Resistance	7,816.70	Major resistance, horizontal level
Fibonacci 1.618 Extension	7,857.62	Upper end of the 7,816.70 – 7,857.62 resistance zone

Support Levels

Support Type	Price Level	Notes
Immediate Support	7,620.90	Immediate support level
Key Support	7,580.05	Change-of-polarity support, previous key resistance
Major Support	7,545.22	Major dynamic support, Mid Bollinger Band

Summary: S&P 500 Technical Outlook

This S&P 500 Index (SPX) educational technical chart analysis for 21 September – 25 September 2026 describes a strong uptrend near record highs with a potential bull flag continuation pattern developing. At a CMP of 7,650.51 and with RSI at 60.87 holding above the 60 level, the S&P today picture is one of constructive momentum within a broader uptrend.

The critical zone of 7,580.05 – 7,757.63 covers the key support-to-resistance range. The chart structure context reads as a strong uptrend with a possible pullback to retest levels in the short term, a strong uptrend supported by momentum, higher highs, higher lows and RSI above 60 in the medium term, and an intact broader uptrend in the long term. Risk factors cited in the analysis include geopolitical tensions, US Dollar movement and the global demand outlook, and the analysis notes that a sharp pullback retesting the support levels is possible.

• Strong momentum within a broader uptrend, with price near record highs
• RSI at 60.87 has held above 60 after multiple retests, and a move back below 60 would be an early indication of weakening momentum
• A potential bull flag continuation pattern is developing, and a sustained breakout from it would reinforce the bullish structure
• Support sits at 7,620.90, 7,580.05 (change-of-polarity) and the Mid Bollinger Band at 7,545.22
• Resistance sits at 7,674.36, 7,757.63 and 7,816.70, with the Fibonacci 1.618 extension at 7,857.62 above
• Confirmation requires sustained acceptance above 7,757.63 and a decisive breakout through the 7,816.70 – 7,857.62 zone, while a sustained break below 7,580.05 and the Mid Bollinger Band would weaken momentum

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