SPY is in an upward trend with positive momentum, likely reaching new record highs (target ~7960-8000), but faces significant downside risk in late Nov/early Dec.

you can see here a slight uptrend in the SPY index.

So, what we have here in the short term is an upward trend for the SPY index.

Now, let's look at the contrast in that. This is the S&P 500 index. You can see here that the momentum is starting to settle down, but it has been very positive here. Here is the "Russell" style; Let me enlarge the picture for you to see how that pattern affects this market.

As you can see, this is the bottom of "Russell". Here is the bottom of "Russell". Here is the bottom of "Russell". Here is the bottom of "Russell". This is the next bottom that appears in late November and early December.

This means that if the S&P 500 market manages to break above this level where a kind of double top is appearing, the next target area will be around 7960. So, it might try to reach the 8000 level or so.

And the support levels are rising, as you can clearly see there.

So, when I look at the daily chart here, you can see that this is a very strong market reversal. Interpretation tells us , as you know, how the forms of things are translated into analysis.

When you have this low level here and this expected bottom there, you have a bullish situation. This means that the market may decline for a few days, or perhaps this is the bottom.

We don't really know yet . But right now, as you can see, we have a stronger market today. Perhaps this is the case, and if so, we are in that next upward wave.

You can see here that the next short-term resistance will be at approximately the 7900 level. This is a rise of less than 100 points from here, which is reasonable.

Once again, we told you that based on what I see in the VIX index, we are likely to see an uptrend, and this will likely lead to a breakout above the record high that was only a few days ago.

And then we will see this move towards the end of October like this. This will be what we expect to see . So, this is an upward trend.

I have shown you that the Russell index looks poised for a rebound and that the S&P 500 is poised to reach a new record high. So, at the moment, things don't look bad. If anything, you seem to have this positive momentum here.

You can see that the Slim Ribbon PO indicator is green, showing a positive sign. And with all indicators, the short-term reversal indicator and the Slim Ribbon are all positive.

Although we are seeing flatness here, it could easily turn bullish on the weekly chart. So , this suggests perhaps another slight dip in the next couple of days, but overall it looks poised to climb to a new record high.

Now, here's the opposite: the S&P 500 is heavily weighted down by just a few stocks. Once again, I'll tell you to go back and watch that video, the segment I presented on the weekly market earlier, which talks about the difference between these indices and the current weights in the S&P 500.

Our AI- and technology-weighted S&P 500 and Nasdaq indices are hitting new record highs with force. Therefore, there is a major split we are facing in the market.

All the evidence points to me that we are likely to see new record highs and a rebound in these exhausted indicators over the next few weeks. But then comes what could represent a lot of downside risk in the market, perhaps in that period between late November and early December, when we might see a significant decline .

So, I don't want you to miss that part I presented earlier in the program about market concentration. I think it's very important.