Chartbook: U.S. Chart S&P 500: Room to extend corrective pullback from record high

Gains at the start of the year saw extension to reach record high at 7002 before turning lower in choppy trade below support at the 6800 congestion.

Break here signal a rounding top pattern at the January/February highs and see room to support at the 6600/6500 area. Break here will open up room for deeper pullback to retrace gains from 4835, the 2025 year low and channel support from 2020 year low. Lower will see room for extension to the 6148, February 2025 high. Lower still, will see room for deeper pullback to the 6000 level which is expected to underpin. Failure here will turn focus to channel support at 5500 going into the end of Q2.

Meanwhile, resistance is at the 6800 congestion. Would need to regain this to return focus to the upside for retest of 6945 and 7002, the 2025 year high and January record high. Above these will see room for extension to 7280 Fibonacci extension.