The S&P 500 Index has been bullish since finding a low of 673 in 2009. It has been making record highs in 2015 hitting 2137 in May. It is usually not wise to go against such a consistent bullish trend. However, developments in recent months suggests that price action might be going into a period of consolidation in the second half of this year.SP500 Daily Chart 7/5(click to enlarge) While it might be premature to call a bearish reversal, there are signs in the daily chart, that the uptrend needs to take a breather. 1) Price has broken a couple of ascending triangles. Based on Elliott Wave Principles, a break below an ascending triangle could be an indication of the completion of a terminal wave and thus lead to a period of correction.2) Price is also breaking below the 200-day SMA. In 2011, when price was able to hold below the 200-day SMA, the S&P 500 consolidated throughout the year. 3) The RSI has been holding under 60, which means lack of bullish momentum. Now it is breaking below 40, which provides further evidence that the prevailing bullish momentum is dead. The S&P 500 starts this week pushing at 2040, a common support in March. A break below this level would be another sign that the market is in the middle of a consolidation. This would turn the medium-term mode from bullish to neutral-bullish, or even neutral. In this mode, there would be short to medium-term downside risk to the 2000 psychological level, down to the low on the year around 1975.