The S&P just popped out of a consolidation zone that lasted about a week.
In using Fib retracement it bounced back from its recent low up to a 61.8% retracement to the ATH before pulling back. If drawing another retracement from the recent low point of the bigger move this pullback only reached a 61.8% retracement. Given that the bigger move is between 38.2% and 61.8% which is more of a non directional position as it can go either way, the smaller move pulling back only 61.8% might mean this is only a profit taking pullback before the higher move. If it breaks the .618 fib of the bigger move on the way back up it might retest ATH.