S&P500
The upward wave was unable to reach a new high and is beginning to form a lower peak. If it breaks the uptrend, the price could hit a lower swing high and form a reversal pattern. A trend-like decline is not yet on the horizon; that would require further confirmation from the sellers. As long as the thin green trendline holds, the price could even reach a new high, but this would no longer represent a sustained uptrend.
Resistance levels: 7,656; 7,813.
Support levels: 6,875; 6,563; 6,250; 5,937; 5,781; 5,625.
