Bullish on SPY into next week provided it holds above 7570; a break below leads to neutral/gray area and potential drop to 7000.

The S&P had a good day today.

I said I was bullish on the S&P. That worked out beautifully today. We'll have to see how things go. So, let's jump into the charts. The S&P 500 was up 86%. So, just shy of 1% on the day.

Remember, if you've been following along in my daily live game plans at 9:00 a.m. Monday through Friday, we talked about how as long as we hold this level on the S&P, the bullish bias remains.

Sure enough, today a good gap up and it held most of its gains today. And again, I would remain bullish into next week. Even if yields hit 5%, I would remain bullish as long as the S&P does not close below 7570 or so on that chart on the chart right in front of you.

Now, if we do break below that, this is the neutral zone. This is where it's going to be more of a gray area. Does the market break out or does it recapture the bullish stature?

We'll have to watch and see. But ultimately, if we get below 7,400, I think you break there. You know where you go? Straight down 400 points to this technical level on the S&P at 7,000.