Wall Street's major indices opened slightly lower on Wednesday, June 3, after the S&P 500 touched an all-time high of 7,620 on Monday. The latest leg appears to be the continuation of an impulsive wave structure that began in March.
Wave Completion or Pause Before the Breakout?
Today's technical chatter centers on one question: has the extended Wave 5 run its course, or is this a pause before further upside? According to multiple Elliott Wave analyses, the S&P 500 is moving inside the final wave of an impulsive structure that started at 6,353 in March. The recent high of 7,620 marks a potential completion target, but the internal structure shows an expanding triangle formation — suggesting the possibility of one more push higher before a significant correction.
The 7,620 level serves as the line in the sand: a genuine breakout above it targets 7,650–7,700, while a break below 7,500 could accelerate declines toward 7,300.
Daily indicators flash caution — RSI sits at 74.5 in overbought territory, with early negative divergence. On the other hand, nine consecutive weekly gains show momentum that rarely disappears overnight.
SMCI: The Bullish Wave Surprise
Super Micro Computer ($SMCI) draws heavy attention from technical analysts today. One notable account flagged a 31% gain in just five trading sessions, with the stock now approaching key resistance at $49.97. The stock has broken above its weekly 50-MA, appearing to complete a corrective structure that set the stage for the next leg higher.
Key levels to watch: a move above $51.35 targets $55–$56.65. Near-term support sits at $46.88, with $45.66 below.
NVDA: Retreat from Highs — Pullback or Weakness?
Nvidia ($NVDA) edged lower from its 52-week high around $236.54, now trading in the $215–$222 range. Technical analysis shows first support at $212–$208, a potential double-bottom zone. Immediate resistance sits at $225–$227. The stock recently broke upward from a horizontal trend channel on the medium-term chart, suggesting potential for further gains if current support holds.
PLTR: Correction Complete?
Palantir ($PLTR) trades around $152 after stabilizing from a deep correction off its 2025 highs. Wave analysis points to a potential correction completion (likely Wave 4 or a full ABC) and the start of a fresh impulsive wave. A short-term downtrend line break has reinforced the bullish sentiment, with the stock approaching significant resistance near $160. Holding above $145–$136 is critical for pattern confirmation.
TSLA: Impulse Resumption — the $450 Test
Tesla ($TSLA) continues recovering from a multi-month correction that erased roughly 32% from its 2025 peak. The stock trades around $424, approaching key resistance at $450–$466. A break above this level would confirm the resumption of the impulsive wave structure and open higher targets, with a potential catalyst in the upcoming Robotaxi event on June 22. Weakness below $390, however, could signal a near-term failure of the breakout scenario.
KTOS: Corrective Wave After Death Cross
Kratos Defense ($KTOS) draws analyst attention following a completed corrective wave structure. The stock shows a death cross — its 50-MA crossing below the 200-MA — suggesting longer-term bearish bias, but wave analysts argue this could be a completed ABC correction putting the stock at the start of a new upleg. Primary support sits at $52–$60, resistance at $66+.
The Bottom Line
The picture emerging from today's technical updates is of a market at peak levels with warning signs. The S&P 500 sits near potential Wave 5 completion levels, while individual stocks present compelling wave setups — from completed corrections in SMCI, PLTR, and KTOS, to resuming impulse waves in TSLA. Technical traders are watching the 7,620 level on the S&P as the decisive battleground: it will determine whether this is a temporary pause on the way to new highs, or the terminal station before a deeper correction.
