$SPX has shown a notable rally, approaching its 20-day moving average (20MA) and demonstrating a trend of higher lows. Analysts observe that the index is nearing the high of a 9% increase recorded on April 9, 2025. The recent performance indicates that $SPX is on track to achieve its fifth consecutive higher low, with four out of the last five trading days resulting in higher highs. Despite this positive momentum, some analysts suggest that a pullback may be necessary to establish a second bottom, as seen in historical patterns following significant rallies.