SPX continued to rally today, making another set of all-time new highs. We are approaching a 1.5 standard deviation move. The expected move for SPX coming into this week was 89.62, with the upper end of that move being at 6086.28. SPX closed at 6118.71 and a 1.5 standard deviation move, which would be 134.43, would put it at 6131.09.

The daily chart continues to be extremely bullish, especially with the rally to close out the trading session.

The hourly chart shows a huge break out with a strong green candle to close the session. The rally also came on huge volume which could indicate more positive market sentiment heading into tomorrow and next week.

The shorter time frame 30 minute chart shows even more strength, especially with the last candle of the day. We are strongly trending over the 5, 10 and 20 period moving average with all 3 pointing upwards. 6100 is now a strong support level as indicated by the red horizonal line.

At this point, a pull into the grey box to close out the week is highly unlikely. That may change next week, but the expectation is that we will not break down into that zone tomorrow. If we do, I think that could mark the end of the rally for the short term. 6100 will be a key level to watch and a must hold for the bulls to close out the week strong.

NVDA continues to chop around in it’s range, slowly grinding higher as expected. If the broader market continues the run up tomorrow, I expect NVDA to follow and test 150.

The honorable mention for today is QQQ, which showed weakness all day up until the end where it rallied with the other indices. For any strong upside to continue in the SPX, we need QQQ to lead the way. Tech showed weakness today but heading into big earnings next week, I fully expect tech to join the rally and lead the way.

We can see that QQQ did not make a new high like SPX, which is not necessarily as bearish as it seems. To me, that actually is bullish because it means more upside in the SPX. MAG 7 and big tech always lead the way, so once they rally, SPX will push even higher.

/NQ 30 minute chart went from oversold on the RSI to overbought within the trading session today, but overall the chart remains bullish. I expect new all time highs in the /NQ soon, perhaps tomorrow or early next week with how the momentum is currently going.

I ended my post with a question asking if we would see 610 on SPY soon. We are knocking on that door with SPY closing at 609.75 today. I expect to see 610 tomorrow.