The record high of November 2024 was broken in 2025, when the index reached 45,000 and continued its upward surge. The strong support formed in April 2025, and the subsequent breakout above the 45,000 region in August suggests the Dow Jones is likely to continue higher toward the 50,000 level in the coming weeks.
S&P 500 Maintains Bullish Channel
The daily chart for the S&P 500 indicates that the index is currently trading within an ascending channel, following a breakout from an inverted head and shoulders pattern. This pattern, formed with the head at 4,835 and shoulders near the 5,246 and 5,800 levels, signals strong bullish momentum.
The index has recently found strong support around the 6,400 level, which aligns with the lower boundary of the ascending channel. This support is likely to trigger a move toward the 6,600-6,700 zone.