S&P 500: Bullish Breakout Aligned, Bullish Targets!S&P 500 Index FuturesBMFBOVESPA_DLY:ISP1!VincePrinceHello There, welcome to my new analysis about the S&P 500 and its futures on the daily timeframe perspective. As I mentioned in my previous idea about the index, the expected pullback and strong bullish recovery emerged. The strong bullish momentum led to the new all-time high for the index. As I mentioned in my previous analysis, this is the pivotal confirmational move that now activated the upper target zones. As seen in my previous analysis about the S&P 500 the index is now well on the way to reach the upper bullish channel target extensions Right now, I have spotted further underlying factors to consider with the changed market. Fundamental Factors Driving the Bullish Rally Since the short-term low seen on the 30th of March of 2026, the investor sentiment quickly accelerated into bullish. More and more investors prefer the S&P 500 as a semi-risky asset compared to currency hedges. Also, the Iran war has increased investors search for solid assets that can hold earnings steady during these times of turmoil. As appetite for assets that are likely to sustain the Iran war crisis rise, this is increasing additional bullish market sentiment. Strong earnings all over the Magnificent Seven fueled the rally within the corresponding stocks. The magnificent seven rose over 20% on average within the past times. As they add up a huge chunk to the S&P 500, this is also a strong bullish signal for the index. With increasing earnings and bullish continuation, the leading stocks are consolidating the bullish sentiment for the next wave towards the upside and further upside potential. Technical Factors Driving the Bullish Rally As can be seen in my chart, the index broke out above the upper boundary of this pivotal broadening wedge formation. This established a new all-time high. Such a broadening wedge formation, when confirmed, offers a strong bullish signal. This is exactly what happened here. With the breakout and confirmation of this formation, the index activated the bullish target zones. Also, the bullish MACD crossover that was established earlier in this whole structure is still confirming ongoing bullish alignments from the indicator side. Furthermore, the price of the index is holding steady above the 100-EMA marked in blue. The 50-EMA marked in grey already confirmed several bullish crossovers previously. The index now activated the initial target zone of 7800. Once this level has been reached and bullish momentum holds on, the further bullish targets are also likely to be reached. In this manner, thank you for watching! The support is highly appreciated. VP