On the S&P 500, price broke out of a triangle formation nearly three weeks back, which means that index is now in a final leg up within a higher degree Wave 3. As such, an upside can be limited in the near future once we have five sub-waves up within red Wave 5) of 3.

On the updated chart, we can see that price seems to have found a base at the 23.6 Fibonacci ratio, and recent bullish rally may be the final Wave 5, which can see a potential top and a turning point lower around the 2365 area. That said, the divergence on the RSI also suggests a potential bearish reversal could be just around the corner.

S&P 500, 4-hour