Trend line on the hourly stalled the rise
The S&P index is higher on the day but is also trading at the session lows for the day.
At the high, the index was making yet another new all time high. The high for the day reached 3337.77.
Looking at the hourly chart above, connecting the high from December 20 and December 27, a trend line can be drawn. That trend line has acted as a ceiling on rallies. Today, that trend line was tested on the current hourly bar at 3337.88 (the high was just short of that at 3337.77). Sellers leaned and the price has moved lower.
Now it is tough picking a top in stocks. In fact sellers against the trend line on December 17, did have some downside love temporarily, but only briefly. This may be another breathe before moving higher.
However, technically holding the level today, gives the sellers some hope that a high may be in place. Time will tell.
On the downside, the low from yesterday (and the week) comes in at 3316.61. That would be the 1st target to get to and through AND would give sellers some additional confidence.
Below that is the upwards sloping trend line from January at 3308.30 currently. The rising 50 hour moving average currently is at 3300.11 (white moving average line).
Those 3 targets are the minimum to get to and through if the sellers are to take more control.
