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The leading equity index continues to post new highs, although the momentum is slowing.

Last week, the S&P500 broke to new highs of 3715 before easing back into the close of the week.

Price action closed below the previous all-time highs of 3674.

The market moves come as investors head into the year-end amid a number of uncertain narratives.

For the moment, if the current declines continue, we could see the support level of 3588 coming into the picture.

Establishing support here could signal some upside. However, the S&P500 will then have to break past the current highs of 3715.

To the downside, if the S&P500 loses the support of 3588 and the 50-day moving average, then we expect a correction down to the 3388 level. This would still keep the bias in the index to the upside albeit weaker.

With the holiday season coming up, it is likely that the S&P500 will trade flat.

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