Trend remains intact (for now):
Higher highs and higher lows are still technically holding, but momentum has clearly slowed after the January 2026 peak.
Repeated behaviour at prior highs:
Both the 2020 and 2022 corrections retraced back into previous major swing highs — price respected those levels almost perfectly.
Current rejection from ATH:
An ~8% pullback has started from 7,020, but this is still shallow compared to prior 20–35% corrections.
Key level below (≈6,150):
This is the prior major resistance turned support. A move into or below this level would align with historical correction behaviour.
In Summary
Structurally, the S&P 500 remains in an uptrend, but the rejection from the all-time high introduces growing downside risk. Previous corrections in 2020 and 2022 saw price retrace deeply into prior major resistance levels, a pattern not yet fulfilled here. The current 8% pullback is relatively minor in comparison. If history repeats, a move toward the 6,150 region becomes increasingly likely, making this a critical area to watch before confidently calling continuation.