After finding support at the 20-period moving average last week, the bulls came roaring back — pushing markets to fresh all-time highs once again. The momentum has been undeniable, and for traders following closely, the big question is: how much further can this rally run?
SPY Upside Target in Sight
Based on current technical strength, the SPY ETF now has an upside target of 672. Despite the impressive surge, oscillators have not yet reached overbought territory, which suggests the bulls may still have room to push higher before momentum begins to fade.
Are We Due for Another Pullback?
Even the strongest rallies eventually pause. While technicals still lean bullish, traders should watch closely for early signs of exhaustion, including:
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Oscillators creeping toward overbought levels
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Stalling price action near resistance
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Increasing volatility on intraday charts
For now, the market remains in the bulls’ control, but it’s important to stay alert — sharp pullbacks often arrive when traders get too comfortable.
The Takeaway
The bulls continue to dominate, and SPY’s path toward 672 looks intact. That said, no rally is immune to short-term reversals. Traders should enjoy the upside while staying disciplined with risk management and prepared for the possibility of a pullback.
👉 We’ll be watching the levels closely in this week’s FFR Trading Market Minute to see whether the rally continues or momentum begins to cool.