Ultima Markets Daily Market Insights – February 24, 2026

In today's technical analysis, we're diving into the S&P 500 for insights to support your decision-making.

S&P 500 Daily Chart Insight

While the broader macro trend remains constructive, the daily chart shows increasing signs of medium-term overhead pressure. Price is consolidating just below a key moving average resistance cluster, indicating hesitation among buyers. Traders should monitor the tight range between support at 6814 and resistance at 6883. A decisive daily close outside this band could trigger a directional move of 100 points or more.

Key Levels:

To the upside, the 6860 to 6883 region remains the primary barrier for bulls, with converging moving averages reinforcing this ceiling. A clean break would expose the 6928 to 6951 zone, which marks the lower boundary of a previous distribution area where supply may re-emerge. Beyond that, the all-time high zone between 6996 and 7019 stands as the ultimate resistance.

On the downside, immediate support lies between 6814 and 6837, a zone that has so far contained selling pressure. A breakdown would open the door toward the 6769 to 6792 pivot, highlighted by early February’s long-wick low. Further weakness would bring the 6723 to 6746 area into focus, a major structural level that previously acted as resistance in late December.

S&P 500 2-Hour Chart Analysis

The two-hour timeframe paints a more cautious picture. A failed recovery attempt has left price trading below key moving averages, reinforcing short-term bearish control. Support at 6823 is critical; a break below this level likely invites a retest of recent lows. Even if price holds, any bounce toward moving average resistance near 6862 may prove temporary. Bulls must reclaim 6900 to meaningfully shift momentum.

Breakout Scenarios:

With bearish moving average alignment intact, downside pressure dominates. A strong two-hour close beneath 6823 would confirm weakness and potentially accelerate a move toward the 6785 to 6800 structural support region. However, with Stochastic nearing oversold levels, a short-term rebound remains possible. A decisive close above the 6871 moving average cluster would neutralise immediate downside risk and reopen the path toward 6891 to 6910.

S&P 500 Pivot Indicator

On the 30-minute chart, the index remains in a defined downtrend, attempting a modest relief bounce. Momentum indicators are stretched while price action remains weak, favouring continued selling pressure. The 6844 level is pivotal; a break below it likely initiates the next downward leg. Until price convincingly clears 6865, rallies should be treated cautiously.

Bearish Breakdown:

With Stochastic turning lower from elevated readings, sellers appear poised to reassert control. A firm 30-minute close below 6844 would signal the exhaustion of the relief rally, initially targeting 6835 and potentially extending toward the 6826 to 6831 low zone.

Bullish Breakout:

For buyers to regain short-term traction, price must overcome overhead supply. A strong 30-minute close above 6865 would invalidate immediate bearish pressure, likely triggering short covering toward 6874 and potentially 6882.

Navigating the Forex Market with Ultima Markets

Navigating and trading the forex markets requires clarity, discipline, and access to reliable insights. Ultima Markets is committed to providing data-driven analysis to support informed trading decisions.

Join Ultima Markets today and stay connected with us by following us on social media for the latest news, events, and product updates. Visit UM Academy and access unlimited educational trading resources to help you master the markets.

—–

Legal Documents

Trading leveraged derivative products carries a high level of risk and may not be suitable for all investors. Leverage can magnify both gains and losses, potentially resulting in rapid and substantial capital loss. Before trading, carefully assess your investment objectives, level of experience, and risk tolerance. If you are uncertain, seek advice from a licenced financial adviser. Leveraged products are not intended for inexperienced investors who do not fully understand the risks or who are unable to bear the possibility of significant losses.

Copyright © 2026 Ultima Markets Ltd. All rights reserved.

Disclaimer

Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.