This hourly chart of the S&P 500 shows that we are sitting right on the .382 retrace of the move higher since the March lows (support). We’ve also formed a rather clear head and shoulders reversal pattern (bearish). MACD, however, tells us it’s not likely to break down.

Bottom line is traders are currently channeling SRV:
[youtube http://www.youtube.com/watch?v=g7CUuWgZdh4&hl=en]

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