The S&P 500 holds a cautiously bullish tone despite entering a seasonal correction window. The U.S. Treasury General Account (TGA) now stands near $925B, materially above the $850B target, as Treasury accelerates bill issuance even during market stress.
With the Fed ending QT and rate cuts already underway, markets expect a pivot toward yield curve control—supporting the long end of the curve and eventually steepening yields lower across maturities.
Key Levels: Support 6,708.6 │ Resistance 6,876.8
Investor Takeaway: RSI 46 trending higher; MACD firming. Correction is valuation-driven—not liquidity-driven—and Fed support remains a backstop.