The S&P 500 reached a new all-time high at the start of a significant week with trade talks, the Fed’s rate decision, and tech giants’ earnings. The index is in an ascending broadening formation, hinting at a potential rally towards 7,075, with support levels at 6,600, 6,500, and 6,360.

The benchmark index surged on Friday due to lower-than-expected September inflation data, supporting expectations of a Fed rate cut this week. Progress in U.S.-China trade talks and major tech companies reporting earnings boosted investor sentiment. The S&P 500 climbed nearly 1% to 6,850 and is up 40% since April.

Technical analysis shows the S&P 500 trading within an ascending broadening formation, with the RSI indicating bullish momentum. The index closed near the upper Bollinger Band, suggesting limited near-term gains. Potential overhead resistance stands at 7,075, with support levels at 6,600, 6,500, and 6,360.

Read more at Yahoo Finance: The S&P 500 Keeps Hitting Record Highs. Investors Should Monitor These Critical Levels