Market Analysis - The S&P 500 is experiencing its best week since June, prompting discussion about a potential year-end rally [1] - Fair Lead Strategies views the current market movement as a B-wave within an ABC corrective phase, suggesting an interruption rather than the end of the correction [2] - Intermediate-term momentum has notably decreased, as indicated on weekly bar charts of major indices [2] - The market is experiencing an oversold bounce in response to short-term oversold conditions near support levels [2] Support and Resistance Levels - Key support for the S&P 500 is around 6550 based on the daily cloud model [3] - A break below the cloud-based support at 6550 could lead to a further decline of approximately 6% to 7% [3] - Final resistance is near 6910, and a decisive breakout above this level would be a bullish signal [4] Investment Strategy - The market is above neutral but not yet overbought, suggesting a higher likelihood of a lower high compared to the recent high [5] - It is recommended to use the current relief rally to reduce exposure to high-beta stocks that have experienced a loss of momentum, indicated by a rollover in the 20-day moving average [6]