SPX’s uptrend remains intact with the price closing 10.72% above its EMA21 and the EMA9 still above the EMA21. Over the past four months SPY has averaged a 3.06% monthly gain—steeper than earlier in the year—and corrections to EMA9 have historically occurred around this overextension. August saw resistance near 645, sector rotation into healthcare and financials, volatility spikes around Fed minutes, and support tests in the 620–625 area. Market internals point to cautious bullishness: the Put/Call Ratio below 0.60 reflects optimism, while NYSE breadth at roughly 1.13:1 and muted tick readings suggest a lackluster advance. Potential scenarios: • Retracement to EMA9 (≈604) before resuming higher • Consolidation between 620–650 • If EMA9 fails, watch EMA21 (≈583) for support, breach could target 500–550 Key September catalysts include inflation and employment releases, Fed commentary, and the post-summer institutional return, all of which will influence volatility, breadth, and sentiment.