SPX 7500 has arrived just as we thought it would today. Not only did SPX break this key level with ease, it also managed to close above it. This is extremely bullish and puts more upside pressure on the market.

We have now rallied 1200 SPX points in about 7 weeks. It is truly a historic run and for now it seems likely to continue. SPX broke 7000 for the first time on April 15. It’s been about a month now and we have shattered through 500 more points since then without any struggle. This is very similar to the price action of 2025, and something I had brought up as a very real possibility when SPX first broke 7000.

The daily chart today also pierced the upper end of the expected move briefly, though we did not close above it. In any case, the majority of the last 7 weeks have broken the upper end of the expected move. There is a good chance we close above it tomorrow.

As we continue higher, the next target realistically becomes 7600. Depending on how the China trip finalizes, we could even be there tomorrow.

As we close out another week, I want to highlight the fact that momentum and sentiment are very closely aligned right now. The market can do no wrong and even the smallest dip is quickly bought up.

We head into NVDA earnings next week as well. There is little reason to believe that everything is just going to fall apart overnight.

The only thing that can truly bring this market to a halt is a black swan event, or something so unforeseen that it temporarily spooks the market. We are at calm seas right now and the collective agreement is that things will keep going higher. So as long as the herd mentality is aligned like this, the current momentum will continue.

See you at 7600.