Just happened minutes ago, the topping pattern of a High, Low, Lower High, Lower Low, Lower High, and then a Lower Low just completed and then it gave up and did a huge Markdown.
MACD has given an earlier indication of a drop, after pattern completion.
THIS IS a topping pattern, and it is of high probability that the S&P500 topped out.
Now waiting for it to continue the downward momentum and break the trend line support. But not before a rather lame attempt on daily charts next week to recover somewhat and reverse down again.
Watch for it...