The S&P 500 .SPX is once again knocking on the door of record territory.
The index climbed 1.48% on Monday to close at 7,600.50. That left it just 0.12% below its record closing high of 7,609.78 and 0.27% shy of its all-time intraday peak of 7,620.90, both set on June 2.
What's notable is how quickly sentiment has shifted. Just last week, the SPX appeared at risk of breaking lower from its recent trading range. Instead, the index found support at 7,313.92 on July 29 and has since rallied for three straight sessions, gaining nearly 4%.
Much of the heavy lifting has come from the market's largest stocks. The Magnificent Seven ETF MAGS.K has logged its strongest three-day advance since May 2025, while the cap-weighted S&P 500 has delivered its biggest rolling three-day outperformance vs. the Equal Weight S&P 500 .SPXEW since June 2020. In other words, mega-cap leadership is back in force.
From a technical perspective, Monday's rally carried the SPX above a triangular consolidation pattern that had contained price action for the past couple of months.
That breakout suggests the broader uptrend is reasserting itself, with buyers back in control. If the index can push to fresh highs, the next upside target zone comes in around 7,900 to 8,000.
SPY•
