* 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.
* 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.
* UPDATE January 29, 2026...
The 7,000 big round number was briefly pierced yesterday on the SPX, before price retreated somewhat, as shown on the following monthly chart.
There has been some profit-taking just below that level for a few weeks, as shown on the weekly chart.
The Balance of Power still remains with the Bulls on the monthly and weekly timeframes. Should that reverse and hold to the downside in favour of the Bears on the weekly timeframe, look for a possible minor pullback...minor support sits around 6,500. The same scenario on the monthly timeframe may signal a major pullback/correction...major support lies around 6,000.
Otherwise, we should see further advancement in favour of the Bulls in the near-term, should price break and hold above 7,000, inasmuch as that is the path of least resistance.
