No Weakness Yet - Market Analysis for Jun 1st, 2026

With the market again going sideways for the last day and a half, it resolved that action to the upside.   So, clearly, no support has yet been broken, and the market continues to squeeze higher.

With the market now inching even closer to the 4.00 extension in SPX (7646SPX), we are within 30 points of that target as I write this update.  Moreover, there is a larger degree trend line overhead as well in the same region, which can be seen in the attached 60-minute SPX chart.

Overall, there is not a lot for me to add to the analysis, other than highlighting the continued negative divergences evident in various technical indicators. Yet, we will still need to see a break down below 7500SPX to begin the pullback, with a follow-through below 7389SPX making it likely that the pullback is in progress.  

Also, keep in mind that the minimal target I would usually expect for the (a) wave is the .236 retracement of the entire recent rally (7330SPX), whereas the standard expectation is usually the .382 retracement (7135SPX).  That is what is being represented by the (a) wave box on the 5-minute SPX chart.