The large-cap S&P 500 added 3.9% in the 澳洲幸运5官方开奖结果体彩网:second quarter, driven by 澳洲幸运5官方开奖结果体彩网:artificial intelligence (AI)-themed stocks, from chipmakers developin💟g sophisticated processors that power the technology to utilities companies providing electricity for energy-hungry data centers that house AI infra꧃structure.

Interestingly, six out of 11 sectors in the S&P 500 lost market value in the quarter, showcasing the technology sector’s dominance on the 澳洲幸运5官方开奖结果体彩网:market cap🅠italization-weight🎃ed index, but also highlighting softness in other pockets of the market.

Below, we turn to 澳洲幸运5官方开奖结果体彩网:technical analysis to identify key char𒅌t levels worth watching out for in the quꦇarter ahead.

Chart Indicators Point to Weakening Momentum

The index broke out to a new 澳洲幸运5官方开奖结果体彩网:record high in mid-May and traded in a narrow channel for several weeks befo♔re continuing to trend higher throughout most of June. 

However, more recently. several 澳洲幸运5官方开奖结果体彩网:technical indicators point to slowing upward momentum. Firstly, a 澳洲幸运5官方开奖结果体彩网:bearish engulfing pattern appeared on the chart Friday following the index recording an all-time high (ATH) earlier in the trading session. This price formation, which consists of a smaller bullish candle followed by a larger bearish candle that engulfs the first, indicates a shift in 澳洲幸运5官方开奖结果体彩网:psychology among market participants 🦄and cไautions of a potential reversal. 

Secondly, as the S&P 500 made a higher high last week, the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) made a lower high to create a 澳洲幸运5官方开奖结果体彩网:technical divergence between the price and indicator, also suggesting a weakening of ꦍlonger-term buying pressure.

Monitor These 🌱Key Levels Amid S&P 500 Retraceme🌠nt

The first level to monitor sits at 5,340, an area on the chart that may find support from a 澳洲幸运5官方开奖结果体彩网:horizontal line that connects a series of price action bet⛦ween May and June.

A move below this level could see the index revisit the key 5,250 region, where it would likely encounter buying interest near the 澳洲幸运5官方开奖结果体彩网:50-day moving average, whi𒁏ch closely aligns with a horizontal trendline that has flipped from providing resistance to offering support.

Finally, a more significant 澳洲幸运5官方开奖结果体彩网:retracement could see a test of the prominent mid-April 澳洲幸运5官方开奖结果体彩网:swing low at 4,954, an area that sits about 9% below Fr꧑iday closing level of 5,460.

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As of the date this article was written, the author does not own any of the above securities.