Just to notice on the S&P 500 daily scale we've got a rare chart pattern : a diamond top.
In the case of a diamond top, the psychology of this pattern is characterized by the double indecision of symmetrical broadening. In fact, broadening highlights the increased
unable to sustain the upward trend in the long term. The forces diminish and shares change hands to go from majority stockholders in the market to less informed stockholders.
After a period of euphoria and the market enter in a period of uncertainty. This is materialized in significant oscillations of the course. The output of this chart pattern has a high probability (80%) to reverse down the last upward trend.
An example of Diamond Top on SPX500 , 2007 pre-crash period :