S&P 500 Index Hovers Around 5300, Eyes 5350 Target with First Support at 5275

The S&P 500 Index ($SPX) has been experiencing significant activity around the 5300 level, which has acted as a magnetic force for options positioning. Over the past week, the index has consistently hovered near this level following the Consumer Price Index (CPI) release. Analysts have noted that the market is setting up for a potential push towards the 5350 target, with 5325 being a key level to watch for reactions. Despite reaching just 8 points shy of the 5350 target, the index has seen a backtest to 5300. The volatility index (VIX) has also shown a slight upward move off new lows, though further downside is not expected into the long weekend. The first support level is at the 8 EMA of 5275.