In this video: Trade Alerts, Institutional Analysis, S&P Resistance, Silver Surge, Macro Data. Video by Gareth Soloway.
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As of February 3, 2026, the S&P 500 is facing major psychological and technical resistance at the 7,000 level. After briefly piercing this threshold in late January, the index has struggled to maintain momentum above it, creating a "wedge" pattern characterized by choppy, sideways price action.
Key Resistance Levels
-Primary Resistance (7,000 – 7,002): This is the current "line in the sand" for bulls. The index hit an all-time high of 7,043 recently, and a sustained close above this peak is required to signal the end of the current consolidation phase.
-Secondary Resistance (7,050 – 7,066): An upper channel trendline aligns with this zone, which analysts expect could act as a ceiling for any "blow-off" rally later this week.
-Major Upside Target (7,219 – 7,250): If the 7,000 barrier is decisively broken, technical targets extend to the 7,200 range.
Current Support Levels
-Immediate Support: 6,900 is acting as a short-term floor.
-Secondary Support: The 6,800 – 6,824 zone aligns with the January range lows and the bottom of the current daily trading channel.
-Critical Trend Support: A long-term five-year trendline recently broke, and failure to reclaim it could favor a bearish scenario with a potential downside target of 6,200.
Market Context
The market is currently navigating a high-volatility week featuring Big Tech earnings (Amazon, Alphabet, Apple) and the January employment report due this Friday. While manufacturing data showed a positive expansion to 52.6 in January, concerns regarding thinning market breadth and a divergence between the S&P 500 and a "fragile" Nasdaq are keeping traders cautious.
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