S&P 500 is trading at the end of a three-wave rise, as part of a corrective blue wave B. We see legs A) and B) of this correction complete, so current rally can be final wave C) of B. That said, price is trading near some interesting resistance zones near 2728/2750 area, where bulls can slow down, and more weakness can follow into blue wave C. A later drop below the lower channel line would indicate a completed blue wave B correction, and a bearish reversal to be in progress.
S&P 500, 4H
Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All our work is for educational purposes only.