Major US stock indices are moving lower today. The NASDAQ index and Dow industrial are now down 1%. The S&P index is down -0.84%. The S&P index closed at a record level yesterday. So it is not all bad, but the declines are worth monitoring.
Looking at the hourly chart of the S&P, the last price highs did not run very much. The topside trend line did a decent job of stalling the break to new highs yesterday. Today, the price is looking toward the rising 100 hour MA at 6068.53. A break below that MA today/going forward is a modest negative in the short-term technically. THe 200 hour MA at 6022. 91 would also need to be broken to increase the bearish bias. There have been some dips to the 200 hour MA that did find support buyers (see chart below).
In geopolitics, a press conference with Ukraine between Zelenskiy and Trumps envoys was canceled after their meeting. Yesterday Pres. Trump called Zelenskiy a dictator. Trump has put a price tag for payback at $500B (maybe it is down to $350B from the tweet below). The market is not in love with the tensiion