The S&P 500 saw a strong session yesterday, closing at 7396.9, up 0.8% from the prior close of 7337.1. The index opened at 7363.0 and traded within a 38.5-point range, reaching an intraday high of 7401.5.

The market opens near yesterday's close of 7396.9, positioned above the daily pivot point of 7347.8. Key resistance levels to monitor are R1 at 7374.3 and R2 at 7411.6, while initial support sits at S1 7310.6. The 5-day SMA at 7311.8 and an overbought RSI of 74.5 will be key indicators today.

Our bias remains Bullish, reinforced by the S&P 500 trading firmly above its 200-day SMA. A primary risk to this outlook is the current overbought RSI reading of 74.5, suggesting potential for near-term consolidation.