S&P500 is forming Descending triangle which by definition is a bearish formation. I am not sure whether this one can produce sell off from these levels. My opinion is that technical picture is rather messy here and developed markets now follow Emerging markets (asian ones). Bonds sell off can explain some recent strength of equities.
Anyway the world now is full of disbalances which are main drivers of trends (medium term trends of S&P is still bullish as shown on graph below) . My advice is to stick to trends and don’t try to overthink the markets.