Chart of the day

Where do we stand fundamentally?

Tech stocks continue to lead gains, while energy and financials face headwinds.

Investors are focusing on sectors that benefit from AI and technological innovation as major drivers of future market performance

SPX is reaching a strong resistance level, a rising wedge, and a channel top of 6100. This is the possible peak of the Elliott upside short-term and long-term waves. My KNOWPO trading system is indicating a massive reversal point here, so I am expecting a pullback in the fourth wave (outlined blue waves representing the major cycle).

A break above 6150 will invalidate the downside extension and will lead to an immediate continuation higher in the extended third major cycle Elliot upside wave.

_{You can take a short trade entry with a stop loss above 6280 to target 5330 and lower. If you are a conservative trader and willing to risk less, wait for a break below 6000 to take a short trade. Trade it with put options as well.}