The trend remains up. What we now see is a consolidation around all-time highs. This is normally not something to worry about. Instead, it prepares the ground for a further advance in the coming weeks and months. There are good consecutive support levels for the index @ 1990, 1980 & 1970.
SP-500 spot Index, daily chart:
Chart courtesy of StockCharts.com. http://stockcharts.com
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