The S&P 500 is currently in a correction phase around the 5337.0 level, and its performance is influenced by the bond market and macroeconomic statistics. Sales of existing homes in the US declined from 4.22 million to 4.14 million in April. The bond market has stabilized, with major debt securities not showing an upward trend. Technical indicators suggest a buy signal as the index moves towards the resistance line of the 5550.0–5110.0 channel. First Solar, Moderna, Analog Devices, and Enphase Energy are among the growth highlights in the index, while Target Corp., Lululemon Athletica, and Freeport-McMoran Copper & Gold are negative highlights. Supports are at 5277.0 and 5110.0, while resistances are at 5360.0 and 5550.0. If the asset's growth continues and the price consolidates above the resistance level of 5360.0, buy positions will be favorable with a target of 5550.0. If the asset reverses and declines, and the price consolidates below the support level of 5277.0, sell positions will be recommended with a target of 5110.0 [a2049c61].
According to technical analysis, the S&P 500 is entering a new correctional phase. The index has broken its trend channel and its 20-day moving average, signaling a potential decline. However, the analysis also suggests that the S&P 500 could still reach new all-time highs later this year, making the correction a buying opportunity. The monthly chart indicates that a decline could be a buy for 5300 at some point. The weekly chart supports the view that a weak high has been made. On the daily chart, there is a new correctional phase, and the question is whether this will be a small correction or a larger decline to 4818. In the near term, the index is likely to move lower, with a potential test of 5048-5056 in the second quarter. Despite the current correction, the higher timeframes still suggest a move above 5264.85 is probable this year [a4e9ec56].