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S&P 500 pullbacks are starting to behave differently following a confirmed breakdown and rising volatility. Frank Cappelleri explains what’s changed, what signals are weakening, and what needs to happen next. Frank analyzes the S&P 500 after a key shift in market behavior, with recent pullbacks beginning to act differently than earlier in the year. He reviews the first successful bearish pattern in months, the breakdown from a multi-month trading range, and the importance of hitting downside targets. Frank also examines weakening dip-buying behavior, the rise in volatility with frequent 1% moves, and the continued series of lower highs. With momentum indicators deteriorating, breadth under pressure, and fewer strong closes, the focus now turns to whether the market can stabilize and form a new base or if downside risks will continue to build. 📬 Sign up for CappNotes: https://cappnotes.substack.com 00:00 - Welcome S&P 500 $SPX 00:24 - Bearish Patterns 02:40 - Potential Bearish Patterns 03:33 - Bullish Patterns 04:41 - Trading Boxes 2026 vs. 2025 S&P 500 $SPX 07:50 - Drawdowns & the 200-DMA 09:44 - Two-Way Volatility 15:09 - $SPX & $VIX GoNoGo 16:08 - $SPX Daily 17:27 - $SPX Weekly 18:06 - $SPX Short-Term, Breadth 20:03 - $SPX Bad Closes 👀 See what better financial charting can do for you! https://stockcharts.com/?utm_source=YouTube&utm_medium=Organicvideo&utm_campaign=FrankCappelleri&utm_content=032526 👍🏻 If you enjoyed this video be sure to hit the THUMBS UP ✅ If you found value, consider SUBSCRIBING to our channel and ring the bell so you never miss a new video! Subscribe Here: https://tinyurl.com/wvet7qj #frankcappelleri #sp500analysis #sp500technicalanalysis @StockChartsTV 👍🏻 FOLLOW US X - @StockCharts - https://x.com/stockcharts Facebook - https://www.facebook.com/stockchartsdotcom LinkedIn - https://www.linkedin.com/company/stockcharts.com-inc. ❗️DISCLAIMER Past performance is not indicative of future results. Neither the Show Participants nor StockCharts.com guarantee any specific outcome or profit. You should be aware of the real risk of loss in following any strategy or investment discussed on the show. Strategies or investments discussed may fluctuate in price or value. Investments or strategies mentioned in this show may not be suitable for you and you should make your own independent decision regarding them. This material does not take into account your particular investment objectives, financial situation or needs and is not intended as recommendations appropriate for you. You should strongly consider seeking advice from your own investment advisor ––––– ℹ️ ABOUT STOCKCHARTS StockCharts.com is the world's leading technical analysis and financial charting platform. Trusted by millions of online investors around the world, the company has been an industry leader in the financial technology space for more than two decades. With innovative, award-winning charting and analysis tools, our mission is to help you better analyze the markets, monitor and manage your portfolios, find promising new stocks and funds to buy, and ultimately make smarter investment decisions. ℹ️ ABOUT STOCKCHARTS TV StockCharts TV is devoted exclusively to financial charting and market analysis from the web's top technical experts. With a constant stream of technical charting-focused content, there's always something insightful, educational and entertaining to watch on the channel.