S&P500 - The Maker Of Kings (and bull runs) 👑

After one of the biggest rallies since 2020, we take a look at the SP500 Daily chart.

We've thrown on our US equity gap & stock market breadth indicator to show some potential price targets.

It’s looking like we might be after the 4100 gap before falling to the 3400 gap.

The breadth indicator buying (bottom indicator in screenshot) hit numbers similar to 2020 during Covid crash/rebound. Which could drive us back up to 4100 IF the bulls keep showing up like they did today. 🐂

If 4100 is on the way first, then the bears need to come back in hard to drive to new lows.

Until Fed comes in to save the day & money printers are engaged, I don’t think we’ve seen the worst of it.

Right now they’re still slow controlling the bear market. Still waiting for an “event” or “oh boy moment” to pull the rug.

We shall see. Stay safe & eyes peeled!

-TucciNomics
Chief Overlord, AlgoBuddy

Comment:

Looking like we are still after the 4100 gap. then it will hit the top of biggest trend lines of the year. We will look for reaction there to proceed to the downside and possible new lows.