[/caption] The S&P500 has a lower high with price failure on the second move up. Historically we can see in other charts that this pattern has shown up more on a longer period chart. If this was the daily chart I would be looking for the collapse after a bit of consolidation a further retrace. As it stands there is no fear until it breaks some more key levels with a bit more commitment. Sellers are not selling off, they are settling accounts and washing out some of the short term investors that have been buying in at these "safe levels" . When we see a bit more of a sell off, I will be checking buyers commitment at lower levels. Interesting to see that the moves down on the S&P500 emini future are after hours and create an easy path way for price to move through after the open. We have a few open gaps here and would not be surprised to see some early am retracement to 1309 amt 1321-22 area. This would make it easy for the approach on previous highs later this week. S&P 500 day trading course
