The S&P500 (SPX) has been on a bull run since tagging 2555 to start April. After finding resistance at 2791, it started to retreat. I think the bearish daily candles in the past couple of weeks are signs that the market is in correction mode.S&P500 Daily Chart(click to enlarge)Bearish Engulfers:- It is not always the case, but a bearish engulfing candle suggests bearish dominance at least in the very short-term.- When price retreated from 2791, there was a bearish engulfing candle and price slid. - After a couple days of recovery this week, the Thursday bearish candle suggests further extension of the current bearish correction swing.- If the overall market is still bullish, I think price will settle in the 2700-2720 area. - On the other hand, a break below 2675 would likely break below the rising trendline and the 200-day simple moving average (SMA). That would be a major bearish signal. - Otherwise, if price can hold above 2700, the market is still bullish.