SPY is short-term bullish with rising support; breaking a double top could target around 7960 and a rally near 8000. But equally weighted S&P momentum is negative and the current surge is likely to fail; after October or early November, SPY is expected to fall again, with a sharp sell-off into early December.

you will notice here a slight upward trend in the SPY index, and a strong upward trend in the QQQ index. Both indices, of course, are setting new record highs this week.

So, what we are seeing here, in the short term , is a bullish SPY indicator.

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

So, the market might try to rally near the 8000 level . As you can see, support levels are rising.

Now, here's the paradox: The Standard & Poor's 500 index is heavily weighted down by a small number of stocks. I repeat my advice to you to go back to that video, the part I dedicated to the "Market Week" program previously, which talks about the difference between these indicators and the current situation of the Standard & Poor's 500 index.

When technology stocks are excluded, the situation appears as follows, and there is a huge difference here. This is very similar to the Russell index, as you can see. The equally weighted Standard & Poor's 500 index is experiencing negative momentum and is bouncing back here.

However, in line with what we see in the Russell index, this decline may continue until late November or December before it begins to slow down. This means that this current surge is likely to fail.

We have this area as a selling zone from 2013 to 2015. So, this rebound may continue to some extent, but overall, we expect the S &P 500, after that anticipated move in October or early November, to fall again.

This period, extending until the beginning of December, may witness a sharp sell-off . After the elections, it will be interesting to follow market developments. As you can see, the Russell and RSP indices are almost identical in their pattern, with the fundamentals of the stock market having deteriorated significantly.

Given this, we find that technology stocks, a crucial element, are what is supporting the market. The performance of the top three or ten stocks in the S&P 500 index is extremely exceptional.