Some people haven't quite shared the same sentiment about the current pattern developing on the S&P 500 (SPX) as me. Granted, it is tough to make out on the daily chart, but I've gone ahead and drilled down to the 30 minute chart to show you the head and shoulders pattern the market is on the verge of confirming right now.
Remember the right shoulder of a head and shoulders pattern does not have to be symmetrical with the left shoulder. Rarely is it, as it usually is much small and a bit deformed.
I don't know if it will confirm or not, as the dip buyers are still trying to prop up the market early on in the afternoon. But it is worth watching. If you don't think that the chart I've drawn qualifies as a head and shoulders pattern, that is your prerogative, but one can't deny the massive support level that is in place, which I drew as well (the H&S neckline).
Either way, if that support level gives, it should bring on additional selling for the market as a whole.