SP500 Breakout Signals Continued Upside

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The S&P 500 is showing strong signs of recovery, having decisively broken above the 6620 level after previously moving out of a diagonal formation. This breakout effectively confirmed a bottom and signals the start of a new bullish phase.

The current advance appears impulsive in nature, suggesting a five-wave structure is unfolding. This indicates that, even if a short-term wave 4 pullback occurs, the broader recovery is likely to continue with further upside ahead.

From a technical perspective, key support is now seen in the 7000–7100 zone, which could act as a foundation for the next leg higher. As long as price holds above this area, the bullish outlook remains intact, with momentum favoring continued gains in the near term.

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