This is easier seen on the 5min chart. The S&P 500 has put in an Inverse Head & Shoulders Pattern. This is a reversal pattern. Look to buy the Neckline or the Breakout (shown on chart). Look for Targets around Gap fill.
@nlellouche - It's just a technical analysis on the S&P.. Not involving myself until it meets my rules.. If it goes lower than thats fine too, it won't bother me because I won't be involved in the pattern. And for the record, Patterns are reliable if you know how to trade them right. I've made a lot of money over at my Prop Firm trading them. Simple breakouts with consistent targets.. Very simple way to trade.