S&P 500: Ready For A Melt Up (Technical Analysis)

The S&P 500 (SPY) has shown technical strength, recovering from a sharp drop and nearing its all-time high. A break above the 7710 channel resistance could signal a new uptrend, potentially targeting 7816 and 8010. Despite a hawkish Fed stance and strong economic projections, similarities to previous strong rallies suggest a potential melt-up rally. Market catalysts may shift to oil prices and yields.