Start of the Final Rally?

The 06/21/23 blog “Shallow Correction – 06/21/23” noted the SPX could bottom in the 4,330 area.  On 06/26/23 the SPX bottomed out at 4,328.08.

The SPX 30- minute chart courtesy of Trading View updates the action.

The decline after the peak labeled Minuette wave (b) was an Elliott wave – Ending Diagonal Triangle (EDT).  After completion  there’s usually a rapid move back to the EDT point of origin – which is what happened. 

The end of the second quarter is 06/30/23, there’s a good chance for portfolio “window dressing”.  This  occurs when portfolio and fund managers try to boost reported performance before publishing required reports.  Typically, a fund manager will sell stocks that have underperformed and replace them with stocks that have performed well. 

The first trading day of the third quarter is 07/03/04 which is before the U.S. Independence Day holiday.  Statistically  a bullish day. 

The SPX could rally into 07/03/23 – price target zone is 4,450 to 4,480.