As can be seen that there is a potential head & shoulder topping pattern as the left shoulder and the head are completed.
Two potential scenario on next trading day.
1. Look up when price go lower as it tends to take out the shorties just one tick below 200ema.
2. There is a weak in histogram & , hence might just run over without touching 200ema. On top of that, as the price started to fall from the top of the head, i noticed that the increase until it climax last night.
P.S. A little bit on now, the last time SPY touched 200ema is 14-15 Nov 2012. The smart bulls who are waiting for this touch might initial a long position depend on how reaction. The dump bulls who recently bought at the high are also watching the 200ema albeit in opposite way. In case there is a small upside rallly, these dump bulls are willing to sell at smaller losses and with big bulls piling on long orders, the index might just shoot up again which if it's only enough to make a low high than the 18 Sept high, we will have 2nd leg of heavier bears in store perhaps.