S&P500 Is Testing Technical Resistance at 1560-1570 with Decreasing Momentum

On SnP 500 we are tracking an impulsive rally which is still incomplete as impulses are five wave patterns. Latest extended move higher, to 1560 appears to be blue wave (iii) which means that uptrend should resume after a corrective pull-back that could be seen back to 1540 pivot. We are talking about blue wave (iv) that could start soon if we consider that current rally is facing some important Fibonacci resistance area around 1560-1570, as well as a head and shoulders measurement. Bearish divergence on the MACD reading also suggests that top could be near.

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