The S&P 500 closed Friday almost exactly where it was two weeks ago. Most of the technical indicators closed at the same levels they were at two weeks ago, as well. That just might spell short-term trouble for the bulls.

Look at this 15-minute chart of the S&P 500…

[https://dqi5paq6dehxd.cloudfront.net/uploads/2018/03/12060652/Screen-Shot-2018-03-12-at-10.04.32-AM.png]

There’s a lot going on with this chart, so we’ll just go through it one by one…

First off, the S&P closed Friday right at the resistance of the late February high. Notice how the rally going into that high is identical to Friday’s rally. Specifically, the move started with a sharp spike higher. Then the market spent an entire day steadily grinding out more gains.