SPX continued the push higher today, coming just within 30 points of the upper end of the expected move. Last week as we know, SPX closed right at the upper end of the expected move and so far, this week seems to be continuing that momentum higher.

Most of the day was pretty uneventful and boring, which I suppose is just a typical summer day in the market. The kind of day you would expect after a long weekend in July. Low volume, low volatility and just a slow grind higher.

The daily chart also continued the streak of making new highs for the current rally. We now have 6 candles in a row, with each one pushing higher. It has been a pretty consistent climb up if you look at all the upside wicks on the last few daily candles.

We are fast approaching a possible resistance zone around the 7577-7581 area. This will be the key levels to the upside for tomorrow.

The shorter time frame chart shows the current range in more detail, and SPX seems to be respecting this channel for now. As mentioned, that 7580 area will be the next major test for SPX. If that breaks with momentum, then new all-time highs are very much possible.

7500 is the important key level to the downside, from a psychological but also technical level since that was the “low” today from the gap up on the open.

A shorter update today, but that’s largely just a reflection of the type of day the market had. Very uneventful and boring, so not much to analyze or talk about.

Let’s see how SPX handles those key levels tomorrow, and maybe we will see some more interesting price action.

Good luck!