S&P 500 Extends Impulsive Advance to 7,620 as Key Supports Hold

The S&P 500 is extending its Elliott Wave impulsive advance, reaching a fresh peak of 7,620 on June 2 after the March 30 low at 7,147.78. Earlier analysis flagged a likely correction due to deepening breadth divergences and a pullback into the 7,530 support zone, raising the risk of the first negative week since March. However, the latest outlook confirms the bullish count remains intact above the May 19 pivot at 7,336, with any near-term pullbacks viewed as corrective before resumption higher. Key catalysts include the FOMC decision and NFP report.