The S&P 500 is back at all-time highs and appears poised for a breakout, but technical analysts remain cautious. The index must close decisively above the 7,620 resistance level for several consecutive sessions to confirm a change in trend. The S&P 500 closed at 7,609.78 on June 2 and was trading around 7,700 on Tuesday. Such a breakout could benefit semiconductors, which lost more than 20% in July, as well as megacap tech stocks, with the Roundhill Magnificent Seven ETF (MAGS) rising nearly 4% since early August. Analysts at Oppenheimer and Bespoke Investment Group favor technology, financials, and consumer discretionary sectors if the breakout is confirmed.
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