Firstly, based on todays data we are seeing an uptick in the jobless claims, which basically means the FED has done enough to cool off the economy. So no further rate hikes are expected. Thus initializing the much expected year end rally.
Secondly, by looking at the technicals using Elliot Wave it hints that the correction for the wave 4 is over and expect this to hit ATHs by year end.
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Not a Financial Advice, Do your own research