The analysis focuses on the S&P 500 (SPX) daily chart, identifying several significant gaps that the analyst believes will eventually be filled. The SPX is currently near its all-time high of 6389.44, and on August 8th, the price was pushing towards this level. The analyst points out gaps at 6029.13, 5822.13, and a major gap at 5667.50. Percentages downwards from the current level include 0.79%, 2%, 4%, 5%, 7% and 11.41%. The analysis suggests a bearish outlook, stating that these gaps will be filled in the future, implying a market correction. The analyst suggests waiting and watching, urging caution because the market will go lower than its current levels.