We got some inside days on the daily charts, which is a bearish harami pattern. If prices close below the real bodies of the patterns tomorrow, the patterns will be confirmed. Thus turning those bearish haramis into three inside down patterns.
The 15 minute charts are breaking down after forming double top patterns. The S&P 500 put in two peaks at 823. The 60-minute charts are forming a larger bearish pattern, some head and shoulders tops. With a neckline on the S&P 500 at 766. The pattern measures to 709. But there is good support at 725 and the 20 day SMA comes in at 740.
As the double tops breakdown, it will possibly allow the right side of the heads to form on the head and shoulder tops.
After a corrective the advance should resume to at least 785. We are likely seeing a backtest of the broken intermediate trendlines. However, until the bearish harami patterns are confirmed there is always a chance that we get a follow through to the breakout, and then a corrective phase occurs.
