The S&P 500 could be breaking its uptrend. I would not be surprised if we see a top here because sentiment seems way too bullish. Remember, trend lines aren’t mysterious or magical. They are simply graphical representations of the forces of supply and demand. The fact that the uptrend line is breaking means that the forces of supply may be overcoming the forces of demand…or at least equalizing with them.
Short-term, I would look for support around the $286 level in the SPYs. This was the recent low and resistance in August. It is an important level because it was the all-time high in January.