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S&P 500 Dips as Dow Sets Fresh Record, Bulls Defend Key Support

U.S. stocks finished Tuesday with mixed results as investors rotated away from technology names and into financials and defensive sectors. The Dow Jones Industrial Average gained 0.6% to a new all-time high, while the S&P 500 declined 0.6% and the Nasdaq Composite dropped more than 1%.

Technology stocks remained under pressure, led by weakness in AI-related chipmakers. Nvidia lost 2.4%, while Broadcom slid 4.4%, weighing heavily on the broader market.

In contrast, SpaceX rallied 4%, lifting its valuation to roughly $2.65 trillion. The move comes as investors anticipate the company's upcoming inclusion in major benchmark indexes, which could drive significant passive fund inflows.

Energy stocks also lagged after crude oil prices plunged more than 5%. The decline followed growing optimism that a U.S.-Iran peace agreement may continue, reducing concerns over global supply disruptions.

On the technical front, the S&P 500 remains in a broader uptrend despite the recent correction. After failing to break above 7,620 resistance, the index retreated toward 7,250, where buyers returned to support the market.

Momentum indicators are showing early signs of recovery. The latest bullish crossover and improving histogram suggest downside pressure is fading, increasing the likelihood of another attempt at the 7,620 resistance zone.

A successful breakout above 7,620 could trigger a move toward fresh record highs. However, if buyers fail to regain control, the index may continue consolidating between support and resistance levels.

Key Levels

- Resistance: 7,620
- Near-Term Support: 7,250
- Major Support: 7,000–6,920
- Upside Target: New highs above 7,620

While short-term volatility remains elevated, the broader trend continues to favor the bulls as long as SPX holds above its major support region.

$US500 ‌