The SP500 doesn't look good. Many things are going on here: 1. The weekly candle closed below the resistance 2. Bearish divergence in short and long term with the RSI 3. It appears to be forming a HS pattern in the weekly timeframe. We will know for sure in a few weeks. 4. On top of that the FED announced the end of money "printing" by March. 5. Only the big cap stocks kept the SP500 going up. On the other hand there is bloodbath going on from months ago on growing stocks. Is just about days for the big cap stocks to join the bloody party.
Unfortunately, I concur. I have been seeing this chart pattern for many of the overvalued stocks. NFLX, PYPL, FB. They all settle back down to their pre-covid channel which puts the SPX in around the 3,400 range. Right now AAPL, GOOG, MS are holding up the SPX. If enough fear sets in, they will tumble even though they have good earnings