Market Continues to Push Higher
By
The market extended its advance to fresh highs again today, following a brief retrace earlier in the week. With this latest move, we're now approaching the next larger-degree Fibonacci target on the 60-minute SPX chart, which comes in at 6418.
From a wave count perspective, not much has changed. As we’ve reiterated before, there’s still no indication that a top has been struck, not even a break of the most immediate support levels. As long as those supports remain intact, we still can see this market continue to extend higher.
The key levels I’ve outlined in recent updates remain unchanged. On the ES, I’m still watching the 6245 region as the first potential signal of a local top. More meaningful support lies below, in the 6185–6135 zone. A sustained break there would shift our focus to the next larger-degree support on the SPX, which continues to sit in the 6064–5929 range.
Until those levels give way, the market remains free to extend higher, with the next major fib resistance still up at 6418 on the SPX.
