The S&P 500 futures (ES_F) experienced a notable rally beginning April 21, with a 600-point increase followed by a week-long bull flag pattern between 5585 and 5650. The breakout occurred on May 7, pushing the index to 5740 before a slight pullback. Key support levels currently stand at 5730-35 and 5815, with resistance targets at 5770, 5796, 5850, and potential upside targets at 5866, 5874, 5900, and 5975. The index closed at 5659.90, showing resilience just below the 200-day moving average at 5748. The market opened with a significant gap up of approximately 160 points, influenced by optimism surrounding US-China trade talks. Traders are closely watching upcoming US Consumer Price Index (CPI) and Producer Price Index (PPI) data expected midweek, which could add volatility to the session. The 5850 level is highlighted as a macro target, having previously served as major support in late 2024 and early 2025 before being lost in March and recently retested. Market participants are advised to protect gains on long positions and watch for dips below key support levels that could signal a selloff. Additionally, Bitcoin is nearing an all-time high, boosting related stocks like MicroStrategy, while setups in Palantir and eBay are also under observation.