SPY is poised for a new record high; positive momentum and rising supports suggest a rise toward 8000 if it breaks the double top.

Now, let's look at the contrast with that. This is the S&P 500 index. You can see that the momentum is slowing down here, but it has been very positive here. This means that if the market and the S&P 500 index manage to break above this level, which looks like a double top, the next target area will be around 7960.

Therefore, the market may attempt to reach the 8000 level. And the support levels are rising, as you can see right in front of you.

I have shown you that the Russell index looks poised for a rebound, and that the S &P 500 looks poised to reach a new record high. So, at the moment, things don't look bad. On the contrary, there seems to be a positive momentum here.

All things considered, the short-term "Reversal Scout" and "Slim Ribbon" are both positive. Although we see stability here, this could easily turn upwards on the weekly chart. So, this suggests the possibility of another slight dip in the next couple of days, but overall it looks poised to rise towards a new record high.

Now, here's the variation on that, because the S&P 500 is heavily influenced by a small number of stocks. Once again, I'll tell you, go back and watch that video, the segment I presented on "Market Week" previously, which talks about the difference between these indices and the current weighting in the S&P 500.

We have the S&P 500 and Nasdaq, both heavily weighted with AI and technology stocks, hitting new highs with tremendous force.