
There is a case for a breakout in the S&P:

The Percentage of Nasdaq stocks above the 50-day MA is overbought and this does at least point to an upcoming period of weakness, although stochastics suggest there is a little more upside in the near term (the S&P version hasn't quite touched overbought levels).

But the indices themselves suggest this pullback will be a buying opportunity.
Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, market alerts and stock charts website