Chartbook: U.S. Chart S&P 500: Still bullish, potential for further gains

Break above the Q2 high at 7620 has seen gains to post fresh all-time high at 7816 before turning lower to consolidate rally from the 6317, March current year low.

Overall bullish structure keeps focus firmly on the upside and suggest scope for further gains ahead. Above the 7816 historic high will see potential for extension to the 8000 figure and Fibonacci projection target at 8020. Clearance here, will see room to 8485, being equality projection of the April 2025/January 2026 rally measured from the 6317 March swing low. However, overbought daily and weekly studies caution corrective pullback with support starting at the 7620/7500 congestion area.

Would take break of the latter to open up room for deeper pullback to correct strong gains from the March swing low. Lower will see room to support at 7238 June low and 7000 figure. Would take break of these to confirm a top in place at the 7816 high and see room for deeper correction to the 6800/6500 congestion area.