S&P 500 closed yesterday above resistance at around 4,546. S&P500 has been forming a rising channel pattern in a strong uptrend. An uptrend that is quite stretched but could continue higher to 4,637 and all-time highs.
RSI divergence indicating a stretched uptrend but if RSI closes above the horizontal line on the daily chart i.e., above 76.36, the divergence has been cancelled (traded out) indicating likely higher Index levels.
To reverse medium-term uptrend a close below 4,328 is needed. First indication of that scenario to play out could be a bearish break of the lower rising trendline. A closed below 4,455 could spur a short-term correction.
No RSI divergence on weekly indicating likely test of all-time highs at around 4,818