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  • S&P 500 futures turn south after rejection from record highs.
  • Remains capped within a rising channel on the hourly chart.
  • A stack of healthy support levels could limit declines.

S&P 500 futures, the risk barometer, are off the record highs of 3524.50, as the bulls take a breather starting out a fresh week on Monday.

Despite the retreat, the US futures trade with 0.35% gains near the 3315 region.

From a near-term technical perspective, the price has turned south after facing rejection just below the rising channel hurdle at 3525 on the hourly chart.

The price now looks to test the upward-sloping 21-hourly Simple Moving Average (HMA) at 3507. A break below which will prompt the sellers to test the critical cushion at 3496, the convergence of the 50-HMA and channel support.

On the flip side, a breach of the record highs will call for a test of the 3550 level. The hourly Relative Strength Index (RSI) points north while trading at 61.40, backing the case for the further upside.

S&P 500 Futures: Hourly chart




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