Chartbook: U.S. Chart S&P 500: Potential for further gains

Break above the 7000 level at the start of Q2 has seen gains to fresh all-time high at 7620 before giving way to corrective pullback to retrace strong rally from the 6317 current year low of 30 March.

Underlying bullish structure keeps focus firmly on the upside and consolidation below the 7620 historic high see potential for break later to further gains. Higher will see room to nearby projection target at 7655. Above here, will see potential to target the 8000 figure and 8020, projection target. Higher still, if seen, will see room to 8485 equality projection of the April 2025/January 2026 rally. 

Meanwhile, support is at the 9 June low at 7238 and extend to the 7000, late-January high. Would take break of the latter to put bulls on hold and open up room for deeper pullback to correct strong gains from the April 2025 year low. Lower will see room to the 6500 congestion then the strong support at 6150/6100, the January 2025 and 2024 year highs.