The S&P 500 (SPX) is nearing its Elliott Wave-projected interim target of 6690+/-10, having recently hit 6626, with a 3-5% pullback anticipated from that level. Following this, the index is forecast to rally to approximately 7120, implying continued upside despite potential short-term corrections. Key warning levels for the current rally's completion are set at 6600, 6579, 6529, and 6443, suggesting the market's trajectory is largely independent of external factors like Fed rate decisions.
Based on a technical analysis using the Elliott Wave Principle, the S&P 500 is approaching a key interim target of 6690+/-10, having recently achieved a new all-time high of 6626. The model anticipates that upon reaching this level, the index will experience a mild pullback of approximately 3% to 5%. Following this expected correction, the primary forecast calls for a subsequent rally to a more significant upside target of roughly 7120. This outlook is underpinned by a specific wave count that remains valid as long as the index holds above a series of defined warning levels, with 6443 cited as the definitive invalidation point for the current bullish structure. The analysis notably discounts the impact of macroeconomic events, suggesting the Federal Reserve's rate decision is unlikely to derail the market's trajectory, which is viewed as moving to its own technical rhythm.
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strongly positive
Sentiment Score
0.75
