the chart shows $S&P 500(.SPX)$ in pnf with $USD Index(USDindex.FOREX)$  blue line and$US2Y(US2Y.BOND)$ orange line. spx bounced off low of 3491.58 because of previous peaks at 3525 region serving as support. this support will be tested again and again to see if it breaks or holds. if it holds, a new rally will begin but what's there to rally about? Santa is coming to town? most likely to cover gaps at 4218.7, 4083.67, and 3739.22 before retreating down to make new lows or rally when fed starts to cut rate in 2024. 

if the support at 3525 breaks then the next support is 3375 and 3300 range. that will be another 2 to 4% drop. 

us2y will keep making new highs because of fed unwinding balance sheet. hence the probability of breaking support would be higher. but before that us2y should retreat first for spx to cover the gaps at the aforementioned points before crashing down. 

bon weekend et bon courage