FX:SPX500   S&P 500 Index
A perfect H&S formed on S&P             daily timeframe , if the neckline breaks we should expect some big movement to the downside.
Topping patterns fail all the time. But another top could form and then the drop. I'm long the S&P and Russell 2000 since May 20, but the odds favor a significant move back down, since the S&P is at the top of a two year range. The rally up has been very strong (since the February low, really). There is no top yet. There is no bear momentum. These indices could do the low probability thing and continue up. We will see.
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