S&P 500 nears a four-hour death cross as it trades around 7,554

The S&P 500 is nearing a four-hour “death cross,” where the 50-period moving average falls below the 200-period moving average, a signal that also appeared in February 2026 before a sharp pullback. The index is around 7,554, sitting near the upper edge of a bearish megaphone pattern and resistance from a series of lower highs. RSI is also showing a divergence similar to the setup seen ahead of the prior decline. If the death cross is confirmed, the next level cited is 7,330 (-3%), while a break above the prior all-time high would shift the focus to 7,740.