If the past week is nothing more than an oversold bounce in the S&P 500, then this is the spot for the market to start falling again.

Price is filling the gap from the breakdown at support around 4400. That's now a resistance level and is also the prior "lower high".

Paying attention to oscillators as well. MACD resetting below the zero line.

RSI has rallied to 60, which is often the rollover level in a downtrend.

Stochastic in the bottom panel now overbought as well.

Mostly watching from the sideline at this point. A pullback that respects the low around 4110 would help many chart bases that are setting up.

If we're heading straight higher, taking out 4400 in decisive fashion w/ more breadth thrusts (i.e. follow A/D ratios) is ideal.