The Standard & Poor 500 Index, like other key U.S. indices (NASDAQ COMPOSITE and DOW JONES INDUSTRIAL AVERAGE) has been making records of all time highs in recent months. More recently though since the start of 2017, these indexes have taken a breather. With quarterly earnings of major companies on the way, the impact to index is to be seen.
A daily long term chart reveals traversal through the ascending channel, although with pullbacks owning to persistent downward pressure (balancing out the rally to sky highs). Potential Cypher pattern formation indicating a stronger pull downwards to complete the last wave of the pattern. A further review of volumes, which are dwindling suggest certain relaxation of buyer / seller interest in the basket of stocks itself (may be preference to individual constituents given moves from earnings?). RSI (Relative Strength Indicator) hasn't lost the steam yet and could take either direction, more likely a breather further firming the view that the index as a whole will show southward glide in next few days.