Elliot wave count on the daily chart suggests wave 5 may have finished or be finishing. RSI is showing divergence, which also confirms the weakness in the uptrend.
[S&P500 futures (ES) - Daily chart]
Let's look at the hourly chart to examine the details of wave 5. It looks like wave 5 of wave 5 formed ending diagonal. The price broke down the lower trend line already.
[S&P futures - hourly chart]
Overall, I think S&P500 is still on the bullish trend, however the uptrend is getting weakened on the short-term and the price may go down.
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