S&P 500 Hits 5600 Mark Amid Strong July Performance; RSI at 79

The S&P 500 Index (SPX) has reached a significant milestone, hitting the 5600 mark. This follows a strong performance in July, where it achieved an all-time high (ATH) and maintained a 5/5 winning streak. The Relative Strength Index (RSI) for SPX is currently at 79, indicating overbought conditions. Analysts have been closely monitoring technical indicators, including the 1.618 Fibonacci extension, which has served as a potential target since the beginning of the year. The options market has also played a crucial role in this upward movement. There is a 99% certainty that SPX will reach 5,600 today or tomorrow, and it is nearing the 5638 Fibonacci extension.