On the daily chart, we can see that the S&P 500 is trading near a key resistance level at 5104 where we can also find the confluence of the 50% fibonacci retracement level and the red 21 moving average This is where we can expect the sellers to step in with a defined risk above the resistance to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to invalidate the bearish setup and position for a rally into a new all-time high.