SPX500 Testing 7500 by End of Week?
Watching the $SPX500 closely. We saw it hit 7540.75 intraday today, then pull back. The overall momentum still feels bullish, despite the current -0.55% dip. I'm putting a 65% probability on us seeing the $SPX500 test the 7500 level again by market close this Friday. The reasoning is primarily technical: the bounce off the intraday low, coupled with broader market sentiment which, while not exuberantly bullish, isn't overtly bearish either. There's a clear magnet effect around significant round numbers, and 7500 feels like the next psychological hurdle that might get re-tackled, especially if we get any positive news flow late in the week. A break below today's low of 7431.7, however, would invalidate that read and likely lead to further downside, maybe towards 7400.
It's interesting you're putting a 65% probability on hitting 7500 by Friday. I'm still trying to get a handle on how to weigh technicals against the broader sentiment. Do you think specific economic data releases this week could impact that probability significantly?