Hovering For The Last Week

Oct 9, 2025 - 2:15 PM EDT

Over the last week the SPX has been hovering and generally holding the 6700SPX region. Right now, that is an initial signal level for me. Until we break that support, the upside still has potential up towards the next larger degree Fib level in the 6830 region.

However, should the market first break the 6700SPX support, then it finally can open the door to more of a pullback. Of course, the 6550 level is going to be the tougher nut to crack. But, should we see follow through below that, then we will have a date with the next all-important support in the 6212-6360SPX region.

As I noted in an alert this morning:

“Please keep your eyes on the big picture. When we have a VERY extended market like this, with low cash available in funds, and very few shorts in the market, when support begins to break, it can spiral fast. Initial support is 6700SPX. But, that 6550 is going to be the big level to break, which would open the door towards the 6360SPX region next.”

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60minSPX

Avi Gilburt is founder of ElliottWaveTrader.net.

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