$SPX 7000 Rejected, Top in Focus
If $S&P 500(.SPX)$ directly crosses below the 2/4 trendline (~6850), I'll be calling the top.
That would confirm completion of the 10-month impulse from the April low, especially when paired with the persistent 3-month bearish divergence in $NASDAQ(.IXIC)$ .
Together, those signals would favor a ~20% correction in 2026.
SPX has entered top-watch territory.
After hitting the 7000 target, price retraced 50%+ of W5 — raising the odds that W5 of Wave 5 is complete and a macro top is in.
Confirmation: A break below the 2/4 trendline (~6850). If that cracks, 7002 becomes the ceiling and 6500 comes into play over the next few weeks — potentially kicking off the ~20% correction into 2026.
Short-term Invalidation: 7002+
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2603(NQmain)$ $Dow Jones(.DJI)$
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