SP500 – Daily Analysis
SPX moved higher again—no surprise. We’ll check for any concerns. This daily report reviews price action across key frames—candlestick structure, momentum, and Elliott Wave scenarios—and assesses whether any adjustments to the forecast are warranted.
CANDLES
Today, SP500 closed the daily and 2D frames with bullish continuation candles, signaling further upside and improving prospects for a bullish monthly close. Nasdaq and Dow also printed bullish continuation. Russell posted a red candle, likely an On-Neck pattern, which typically favors the bullish path. Overall, SPX has good odds to close the 15D and monthly frames with bullish follow-through.
Short term: bullish
Mid & long term: bullish
Elliott Waves
Mid Term
No changes for the mid-term outlook. The purple count remains primary.
Short Term
The sharp overnight drop was likely a corrective subwave within the current rally. Several high-probability counts remain on the table. They are impulsive and pointing to continued advance.
SUMMARY
SPX and peers remain bullish, backed by strong technicals and trend support. Long-term odds and trends stay bullish. A short-term dip is possible, but it should be limited.
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Happy Trading!
