Although the S & P 500 is coming off strong gains in the previous week, several technical analysts are warning that the market isn’t yet in the clear. As of midday Monday, the S & P 500 was down about 0.7%, trading above the 5,480 level. The broad market index advanced 4.6% last week on hopes for progress on tariff talks. According to Ari Wald, technical analyst at Oppenheimer, the risk-reward outlook for the broad market index is becoming “less favorable” as it nears its 200-day average near the 5,745 level. “We believe risk-taking is establishing a floor and likely needs to back & fill over the coming months,” Wald wrote in a note Saturday. Roth Capital Partners’ chief technical strategist JC O’Hara noted Sunday that while the S & P 500 is no longer in correction territory, he sees overheard resistance until the 5,670 level, where the broad market index closed on April 2. “Repairs continue but the bear case remains,” O’Hara wrote. JPMorgan’s cross-asset strategy team also forecasts the S & P 500 staying in a range between 5,200 and 5,800 — its bull and bear case levels. In a Friday client note, the investment bank said “to sell risk assets on strength rather than chasing the momentum as a complete shift in narrative will require clearing further headlines.”