Current Market Outlook

Short/Medium-Term View: Bullish

Comment: On the weekly chart, we have completed the 4th pullback wave, and now we are in the final 5th bullish wave, which could extend to $6,198.33, $6,520.20, or $7,040.91. On the daily chart, the ABC correction has concluded, and we are now in a new bullish cycle, starting with the first bullish wave. Whether the first bullish wave has ended and we are now entering the second pullback wave—possibly filling the gap left on the chart—remains unconfirmed. If this occurs, it should be considered a dip to buy. Our most likely medium-term target for the SPX this year is in the $6,200–$6,500 range.

Long-Term View: Bullish

Comment: Long-term technicals and market breadth remain supportive of the upward trend. The long-term target for the SPX over the next 7-10 years is $10,200, $11,800, or possibly even higher.

High-Impact Economic Data - Week of June 23, 2025

Monday: Existing Home Sales, Fed Golsbee Speech, Fed Kugler Speech

Tuesday: Fed Chair Powell Testimony, Fed Kashkari Speech, Fed Collins Speech, Fed Barr Speech

Wednesday: Fed Chair Powell Testimony

Thursday: Durable Goods Orders MoM, GDP Growth Rate QoQ Final, Initial Jobless Claims, Fed Barr Speech, Fed Kashkari Speech

Friday: PCE/Core PCE, Personal Income MoM, Personal Spending MoM, Michigan Consumer Sentiment Final, Fed Williams Speech, Fed Cook Speech, Fed Hammack Speech