The S&P500 index spent most of last week hovering near the previous all-time highs of 3388 – 3389 region.
However, price action failed to make any major moves over the week.
As a result, while the index closed the week with gains, it is yet to reach a new milestone.
If price fails to breakout higher, the minor rising trend line will come into focus.
A breakout from this trend line could suggest a pullback in prices.
The minor support level near 3275 will likely keep a lid on the declines in the near term. But a breakdown below this level will pave the way for a deeper correction back to the 3200 level of support.