Was the $6,486 level expected to be the end of the bull market?
As early as May, when many were still doubtful, I outlined the specific reasons why the rally could reach the $6,486 level for the S&P 500 $S&P 500(.SPX)$ .
Was the $6,486 level expected to be the end of the bull market?
Premium subscribers already know the answer: No. There is more to come for this bull market, and what may look like a postponed pullback is actually part of a larger bullish structure.
The $6,486 price target has been on my S&P 500 charts since April 🎯, along with the following key levels:
$122,7K for Bitcoin 🎯
$521 for $Microsoft(MSFT)$ 🎯
$177 for $NVIDIA(NVDA)$ 🎯
$220 for $Alphabet(GOOG)$ $Alphabet(GOOGL)$ (recently surpassed) 🎯
$173 for $Palantir Technologies Inc.(PLTR)$ 🎯
$1,250 for $Netflix(NFLX)$ 🎯
$299 for $VanEck Semiconductor ETF(SMH)$ 🎯
$46,300 for $Dow Jones(.DJI)$ 🎯
$23,654 for $NASDAQ 100(NDX)$ 🎯
All of these price levels have now been reached, even though they seemed extreme just five months ago.
These annual levels often act as resistance, preceding consolidations or reversals. This pattern has played out with MSFT, Bitcoin, PLTR, NFLX, SMH, NDX, and several others.
For the S&P 500, the $6,486 level triggered a four-week flat consolidation. Despite overheated conditions and deteriorating market breadth
Powerful rallies from individual stocks like GOOG, AAPL, AVGO, and ORCL kept the indices afloat. while breadth deteriorated. A bounce observed on Thursday in the percentage of stocks above their key moving averages signaled that the market had reset "under the surface." This underlying strength then fueled the S&P 500's move above that key annual level, flipping solid resistance into new support.
This bullish resolution occurred despite some bearish weekly and daily setups. This highlights the value of the S/R levels and a key rule I follow: "bullish above the central weekly level, bearish below it." This simple rule should have kept you in the long side this week preventing premature decisions since $6,458.2 and many other central levels maintained their positions as support.
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