On the 1 hour chart, we can see that the latest leg higher is diverging with the MACD right at the cycle high. This should give the sellers a bit more confidence for a move lower as it could be a signal at least for a pullback into the trendline. If the price were to pull back, the buyers will likely lean on the trendline to position for a break above the cycle high with a better risk to reward setup. The sellers, on the other hand, will want to see the price breaking lower to increase the bearish bets into the 2020 support.
The has moved up to a new session high at 5262.47, and in the process is trading at a new intraday all-time high price extending above the March 21 at 5261.10.
The S&P is looking to end the quarter with gains of over 10% and the largest first-quarter gain since 2019. The current gain is 10.31%.
