S&P Short Term - End of Uptrend

In my last post here I noted that since we are in the late stages of the short term uptrend of the S&P 500, we should watch closely for a break and close below S4, which would signal the end of the trend.  That event happened yesterday, as shown on this daily bars chart.

I have begun the resistance curve R1 from this trend's high of last Thursday.  For the moment, price is confined between R1 and S3.  As long as it remains so confined, all we can say is that we're in a consolidation.  A break and close either above R1 or below S3 would indicate the start of a new trend in that respective direction.