I wrote about the S&P 500 in recent analysis, emphasising the following (italics):

Although there is a chance of the daily chart’s diamond top pattern completing and price breaking out lower (given weekly resistance at 4,177), the uptrend and absence of bearish activity at the said weekly resistance potentially swings the technical pendulum in favour of pushing higher. This may eventually take on not only weekly resistance but also daily resistance at 4,199, too.

As a result, breakout buyers will likely watch the said resistances closely over the coming days/weeks to take advantage of any push (close) higher. Alternatively, completing the daily chart’s diamond top pattern and a breakout lower could trigger a bearish scenario.

As evident from the daily chart, the S&P 500 broke the upper boundary of the potential diamond top pattern in recent trading, invalidating the reversal structure and throwing light on daily resistance at 4,199, together with weekly price touching gloves with resistance at 4,177.

Given the (pattern) breakout higher, the clear-cut long-term uptrend, the Relative Strength Index (RSI) on the monthly, weekly and daily timeframes echoing positive momentum, daily/weekly resistance between 4,199 and 4,177 remains vulnerable. If a pullback unfolds prior to price attempting to overthrow the noted resistances, daily support—a decision point formed before the upside pattern breach—could welcome any dip-buyers into the market at 4,123.

Should a breakout higher take shape, weekly resistance at 4,325 could be targeted: 15 August high.

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