At 8:30AM -EDT on 05/08/26 an hour before the start of the S&P 500 (SPX) session, the monthly U.S. Employment report was released. S&P 500 futures rallied to new all-time highs. The rally lasted only five- minutes, followed by a decline that erased the entire rally.
This is very unusual, normally S&P futures rallies after the 8:30 AM reports hold their gains. Subsequently S&P futures resumed the move up, however the rapid reversal after the 8:30 AM report was a sign an SPX rally on 05/08/26 could be weak.
The one – hour SPX chart courtesy of Trading View shows what happened during the 05/08/26 trading session.
SPX made an all-time in the first hour then stayed in a narrow range. Houry RSI had a bearish divergence, and the presumed Elliott Impulse wave from the 03/30/26 bottom could be complete. The SPX high on 05/08/26 was 7,401 just below potential Fibonacci resistance of 7,426 illustrated in this website prior blog.
The next chart courtesy of Barcart.com illustrates NYSE – 52 -week highs ($MAHN).
$MAHN continues to have a significant bearish divergence vs. the reading made in mid – February. Shockingly, 52-week highs declined on 05/08/26.
The next Barchart.com chart shows NYSE – 52 – week lows.
From 04/13/26 to 05/08/26 – SPX rose 9%. During that same time NYSE 52 – week lows have been moving up!
SPX – Elliott wave patterns, potential Fibonacci resistance, and bearish internal momentum strongly suggest U.S. stocks could be forming an important peak.
On 05/11/26 watch the Nasdaq Composite. If this index makes an all-time high unconfirmed by the SPX and Dow Jones Industrial Average, it could be the ultimate bearish signal.
Four Dimension Trading 