The S&P 500 Index is exhibiting concerning technical patterns as it approaches significant market events. A rising wedge pattern has formed on the daily chart, indicating potential bearish momentum. This pattern, coupled with a bearish divergence in top oscillators like the RSI and PPO, suggests a possible correction. The index, currently at $6,913, is above its 100-day and 200-day EMAs, but a mean reversion could see it drop to $6,600 unless it surpasses its all-time high of $6,975. Upcoming earnings from major tech companies, including Microsoft, Meta, and Tesla, could further influence the index. These companies, part of the "Magnificent 7," have a combined market cap exceeding $16 trillion and are pivotal to the S&P 500's performance. Additionally, the Federal Reserve's interest rate decision on Wednesday will be closely watched, with potential impacts from the dot plot and Jerome Powell's statements. Investors are also eyeing a possible Supreme Court decision on Trump-era tariffs, which could affect market dynamics.