SPX at the Edge: 7000 Hit, Macro Top in Play
$S&P 500(.SPX)$ has entered top-watch territory.
After hitting the 7000 target, price retraced 50%+ of W5 — raising the odds that W5 of Wave 5 is complete and a macro top is in.
Confirmation: A break below the 2/4 trendline (~6850). If that cracks, 7002 becomes the ceiling and 6500 comes into play over the next few weeks — potentially kicking off the ~20% correction into 2026.
Short-term Invalidation: 7002+
If price maintains momentum and crosses 7002, it would favor that SPX is still unfolding a sub-wave 3, with a Wave 4 pullback likely to fw back toward today’s low.
If that dip is bought, it would preserve the rising wedge structure and allow for a final W5 of Wave 5 advance.
Invalidation: A break below today’s low.
$SPDR S&P 500 ETF Trust(SPY)$ $E-mini S&P 500 - main 2603(ESmain)$ $NASDAQ 100(NDX)$ $Invesco QQQ(QQQ)$ $E-mini Nasdaq 100 - main 2603(NQmain)$ $Dow Jones(.DJI)$ $iShares Russell 2000 ETF(IWM)$
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