Dynamite

S&P 500 is in a more fragile state as it runs into potential overhead resistance

• Resist Points
• Sideways trend in 7-period Exponential Moving average 
• Lower Highs (Red)
• Crossovers (Blue)

It is very important that price closes back up above the green moving average set to 7  periods, otherwise price action would have to be interpreted as bearish.  The slope of this moving average is set to a higher rate of sensitivity and could be swayed by price movements faster than the other simple and slower mean reverting averages

The sellers were clearly overpowering buyers back in late-January where the correct first took hold.  The clearest sign of the breakout was a solid close below the first rectangle in yellow. 

The second break out box in our more recent trading range set from Feb 23rd is because the market is consolidating at a point near 50% of the correction.   

The blue sideways arrows indicate where price rose and closed above the moving average.  In this case more recently they were bullish signs, but if there is any decisive move below today's 2716 level it could spell doom for any "progress" made on the bounce made from nearly 3 weeks ago

There are still plenty of good deals at lower prices, but it would be foolish to buy into a permanent state for this phase of the bull market.