Strawberry Blonde's Market Summary: SPX: The Sky's The Limit (50 Reasons Why)

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Thursday, July 03, 2025

SPX: The Sky's The Limit (50 Reasons Why)

* See UPDATES below...

The S&P 500 Index (SPX) closed on another record high today after Congress passed President Trump's 'Big Beautiful Bill,' as described in the following article.

The White House detailed 50 reasons to vote for this bill at this link.

With no price resistance looming above, the sky's the limit for future record high SPX closes.

In fact, 7,000 is the next BIG ROUND NUMBER as a potential target (at the latest by August 2026) -- and beyond, as detailed in my 2025-2029 forecast of January 24, 2025 -- should price generally remain within the bounds of the Andrews Pitchfork technical indicator shown on the monthly chart below.

Source: ZeroHedge

SPX Monthly chart

Happy 4th of July 2025, America! 🎉

* UPDATE October 5...

SPX on track to 7,000 target...only 250 points to go by August 2026, or before...

SPX Monthly

* UPDATE October 24...

Today's opening gap up may signal a new leg up on the SPX, if it holds, as shown on the following daily chart...commonly referred to as a "breakaway gap" following a trend reversal, which occurred on October 10.

If so, look for a target of 7,000, as described above.