The all-time high close for the S&P index is at 4796.57. Back on December 28, the high price reached 4793.19 and backed off. Yesterday the high price extended above the all-time high close reaching 4798.50, but backed off. Today's high price extended to 4802.40 and with the current price trading at 4776.91 has backed off once again.
Traders continue to be apprehensive to take the S&P above the all-time high closing level for long. By the way the all-time high intraday high reached 4818.62 back in January 2022.
What next?
Sellers looking for more downside would now focus once again on the 100-hour moving average 4749.44 as the next target to get to and through and stay below to increase the bearish bias. The price yesterday did fall below that moving average after failing at highs, but that break was shortly reversed with the price rebounded into the close.
Nevertheless, it remains a level that if broken would tilt the technical bias more to the downside at least in the short term. The rising 200-hour moving average at 4697.57 would be the next target.
Buyers still need a break of the all-time high close and a close above that level to feel more comfortable about the break. There is still a number of hours left in the day (Monday is a holiday by the way), and the buyers may be still lurky in the weeds to take the price to and through that level (and through the all-time high intraday level too).
A fundamental concern for the bulls? Increased tension in the middle east after the US/UK strikes on Houthi rebels in Yemen.