Trading closed modestly higher on Friday. The S&P 500 finished near 7,435, up about half a percent, supported by improved consumer confidence data and SpaceX's historic Nasdaq debut. But beneath the surface, the conversation among technical analysts painted a more nuanced picture — stocks completing corrections and gearing up for the next leg, while major indices flash overextension signals.

"Another leg higher" — Naamani turns bullish

In a post published today, Asaf Naamani ( @AsafNaamani ) shared a broad review after going through over 200 charts. His conclusion: many stocks have completed corrective Wave 4 patterns and are attempting to transition into a Wave 5 advance.

"If that scenario plays out, I plan to continue trading the bullish setups I track," Naamani wrote. But he emphasized the most important part in his view: "Taking profits on the way up. The goal is not to catch the exact top. The goal is to compound capital, protect gains, and avoid letting winners turn into losers."

Naamani highlighted the QQQ, SPT and IWM ETFs as names to watch.

$OSCR — Wave 5 complete, pullback expected

Wave analyst MMatters22596 reported today that his Wave 5 target on Oscar Health ( $OSCR ) has finally been hit, after the stock served as a strong hedge over the past week.

"My subscribers and I are now up over 120% on this position," he wrote. "The stock is most likely at the start of a stronger pullback." The analysis suggests OSCR completed a five-wave impulse structure and is now due for an ABC correction before any further upside.

$QQQ — at a critical junction

Last week Naamani posed an open question on QQQ: "V-shaped recovery? Or a bearish right shoulder? Two very different outcomes." That question remains unanswered today, with the ETF trading around 717-719, below immediate resistance at 722-726 and well off its 52-week high at 748. The 730-736 zone represents another significant overhead barrier.

SPX — bullish but stretched

The S&P 500 hit an all-time high near 7,621 on June 2 and has pulled back since. Immediate support sits at 7,300-7,356, with a break likely targeting the 7,200-7,334 zone. On the upside, resistance lies at 7,410-7,441, with the real hurdle at 7,500-7,517.

Elliott Wave analysis on SPX describes a rally from the March 2026 low that is approaching completion. Wave 5 targets cluster around 7,600-7,700, but breadth divergences — advance/decline lines failing to confirm new highs — are raising warnings of a significant correction ahead.

The bottom line

The stock market presents a two-tier picture: at the single-stock level, technical analysts see encouraging Wave 5 patterns emerging; at the index level, the structure is maturing with signs of overextension. A shortened trading week (quadruple witching falls on Thursday, adjusted for the Juneteenth holiday) could amplify volatility. The key strategy emerging from today's technical chatter: keep trading in the direction of the trend while methodically taking profits — just as Naamani emphasized.