SP500 1 hr chart is worrying because the 200 MA has turned down. It happened exactly at the last top. The 100 and 50 MA:s are down as well. This could mean that current downtrend might have seen the second high top yesterday as just a three wave correction from the all time high and that the index now will work itself down much further in the days to come. 200 MA and 1 hour together is a bad omen. This chart does not indicate a sudden drop, rather a slow down turn for the next 5 trading days. Against this is the rising 21 day MA which should hold as support currently at 1.636.

SP500 1 hr 10:22

SP500 day 10:40 (added now) The 8 day MA is now down and the index is just now trading below all four daily closes, but it has not taken out yesterdays low.