The SPX gapped above NL? and traded above it for much of the day but has now fallen back below. The SPX has also formed a small Head-and-Shoulder Top (HST) today that was confirmed by dropping below the neckline ST-NL. This HST implies a drop to 855 which would also fill the G1 gap. But by doing that the ST-S2/ST-R2 channel would fail implying a further drop to 835 which is on ST-S1.
---
HST's can easily fail in the 10-day chart and the day isn't over yet. But considering the power of the sellers to push the SPX below NL?, I'll pass on taking any action today even if the SPX manages to close above NL? at 875.
