As noted in a previous post, the $2,800 area is a major S/R (Support and resistance price reversal level). Today, intraday, looking at the weekly lookbacks, the Index has ‘elected’ this bearish reversal.
S&P 500 Index stock chart
The long term Bullish Trend stopped on May 8th. The price dropped under the 200 day ma of 10% annualized growth rate.