The S&P 500 continues to push strongly to the upside, with price now trading at fresh highs after the textbook rebound from the ending diagonal pattern completed at the end of March. Since that low, the market has been developing a very clean impulsive structure, characterized by higher highs and higher swing lows, while the middle of the advance remains free of overlapping price action — a key sign of trend strength.
Current price action suggests the index is unfolding within the final wave 5 of the broader impulse sequence. Momentum remains firm, and as long as the structure stays impulsive, there can still be room for additional upside before a larger top formation develops.
From an Elliott Wave perspective, the next potential resistance and target zone comes in around the 7600–7700 area, where wave 5 could eventually complete and open the door for a more meaningful corrective phase afterward.
For a detailed view and more analysis like this, you may want to join our live webinar tomorrow on May 26 @ 15.00CET:
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