Watch These Key S&P 500 Levels As Chart Signals Slowing Momentum [Video]

The large-cap S&P 500 added 3.9% in the second quarter, driven by artificial intelligence (AI)-themed stocks, from chipmakers developing sophisticated processors that power the technology to utilities companies providing electricity for energy-hungry data centers that house AI infrastructure.

Interestingly, six out of 11 sectors in the S&P 500 lost market value in the quarter, showcasing the technology sector’s dominance on the market capitalization-weighted index, but also highlighting softness in other pockets of the market.

Below, we turn to technical analysis to identify key chart levels worth watching out for in the quarter ahead.

The index broke out to a new record high in mid-May and traded in a narrow channel for several weeks before continuing to trend higher throughout most of June. 

However, more recently. several technical indicators point to slowing upward momentum. Firstly, a bearish engulfing patternappeared on the chart Friday following the index recording an all-time high (ATH) earlier in the trading …