SPX
is looking to be exhausted of the big battle it had won last months. Red lines represent trend lines it followed during this time. Its approaching a cross between trendline of the January rebound and its long term trend line. I think it would be its apex of the rebound.
Later we may see consolidation and a try to follow the long term line, if of course fundamentals dont deteriorate. However, it is still possible that
SPX
has metamorphosed into the inflation front runner and although all the rest would need to catch it up, it will still lead the party ... until everything hits the sky.