SP500 has had some correction over the last few days. Let us analyse that in the context of price action over a longer term chart.
If we draw a trend line from the 2018 Jan high we can see that there is a failed breakout. It went over the trendline and has come back. This is very important to observe. If it spends more time below the trendline, the probability of it continuing to remain below the trendline increases.