Toward the end of May I titled a post "S&P 500 beginning new up trend? Or range bound and peaking?". In my view the evidence presented by the market since that time favours the latter option, as we've seen a brief foray higher quickly reversed..
Daily chart shows my favoured Elliott Wave count for the S&P cash futures. The coming wave C could be much larger than illustrated. Of course, there are more bullish alternate counts. A return by the market to the prior trading channel will further favour the bearish case.
Weekly chart next. The bearish MACDH divergence favours that the market is peaking.