• The S&P 500 advances 0.34% during the New York session amid risk-on market sentiment.
• S&P 500 Sectorwise: Lifted by real-estate, health, and technology, while energy is the laggard.
• S&P 500: In case of a correction lower, 4,550 is the first support, followed by 4,400.

The S&P 500 extends its rally during the New York session, up some 0.34%, sitting at 4,631.60 at the time of writing. Market sentiment throughout the North American session has improved, portrayed by US stock indices rising. The heavy-tech Nasdaq Composite and the Dow Jones Industrial climb 0.19% and 0.39%, respectively.

Sectorwise in the S&P 500, the winners are real-estate up 1.04%, health rising 0.85%, and technology gaining 0.77%. Contrarily, the main loser is energy, falling 1.05%.

In the meantime, the US Dollar Index, which measures the buck’s performance against a basket of six currencies, advances 0.23%, sits at 94.08, while the US T-bond 10-year benchmark note falls three basis points, down to 1.544%, ahead of the FOMC meeting.

S&P 500 Price Forecast: Technical outlook

The S&P 500 daily chart shows the index has a strong upward bias, approaching the top of an ascending channel that has capped any upside moves, keeping a steady trend in the index. The daily moving averages (DMA’s) are located below the price action, with a rising slope, confirming the uptrend.

However, the Relative Strength Index (RSI), a momentum indicator, is at 71 in overbought levels, indicating the S&P 500 could be headed towards a correction. 
In the case of that outcome, the first support level would be 4,550. However, if the index corrects 5%, as the dip from mid-September to mid-October of 2021, the 4,400 area would be the next support.