The RSI on the daily has begun to rollover as the SPX appears to have rejected off of the Bearish Alternate Bat HOP level. There does not appear to be much nearby support within the range the SPX is currently trading in so if it gets back below the previous All-Time High I could see it coming back down to around $5100 maybe even $5000 - $4800. This all seems to be brought on by the increase in JGB Yields disrupting the Carry Trade. We may see them try to stabilize the carry trade around $5100 but there is a heightened chance of failure.
More on the carry trade can be seen in the related idea below.
More on the carry trade can be seen in the related idea below.
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