S&P 500 Wave Analysis

S&P 500 technical note: the index opened with an upward gap and cleared the earlier resistance at 7525.00, which the author says ended the prior minor impulse. The breakout is interpreted as accelerating an active impulse wave 5 of the larger corrective (C) from March; with the prevailing daily uptrend the index is expected to climb toward the next resistance at 7700.00. Market impact: the call is bullish and suggests further upside momentum for US equities, reinforcing risk-on positioning while traders watch the 7700 resistance as the next key level.