S&P continues to struggle, at the 1200 mark, and this battle is really starting to show the sudden weakness in this market after rallying for two months straight. I’d also like to point out the steep sell-offs after each rally to the 1200 mark, further signaling the underlying weakness in the S&P. And then to add to it all, you have a double-top formed on the 5-minute chart and its confirmation as it broke through the neckline earlier this morning. 

Here’s the S&P Chart Analysis.