Rinse and Repeat...
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Once again, the market continues to grind to new highs, inching ever so slowly toward the next key fib level at 6418 on the SPX. With this kind of slow, grinding price action, there’s not a whole lot new to add from a wave count perspective; nothing has materially changed.
As we've been noting, there’s still no indication that a top has been struck, no break of immediate support, and certainly nothing impulsive to the downside. As long as those key support levels continue to hold, the door remains open for further upside.
The levels we've been tracking remain unchanged. On ES, I continue to watch the 6245 region as the first potential signal that a local top may be in. Below that, more meaningful support comes in at the 6185–6135 zone. A sustained break there would turn our focus to the next larger-degree support on SPX, which still sits down in the 6064–5929 region.
Until those supports give way, this market continues to have room to push higher, with that 6418 fib still acting as the next upside magnet.
