SPX futures showing +6 momentum right now.

Market's torn between two narratives here — are we looking at a neutral rate adjustment, or is this shaping up as a hawkish cut? That debate matters.

What's clear: we've got defined levels to navigate. 681.50 is holding as active support — that's your first line. Below that, 676 becomes the bigger floor. Above these zones? Hard to build a bearish case.

Flip side: 688 acts as active resistance. Can't really turn bullish while we're stuck under it. And 689.70 remains the all-time high benchmark.

So we've got a range. Clean boundaries to trade against.