Since mid-December 2023, S&P 500 sentiment charts have developed structures indicating a decline is expected. This sentiment is also reflected in sectors such as financials, industrials, healthcare, etc.
The daily S&P500 chart shown below identifies gaps that would be filled with the upcoming decline. Ultimately this decline is expected to move down to the 4119.2 level in order to close several gaps, including a 8 point futures gap left behind on October 29, 2023.
Stock charts courtesy of StockCharts.com.
