Some S&P levels from its monthly chart.
6/30/2006 - 1219.29 - low point
4/30/2010 - 1219.80 - high point
Anyway, the monthly was only to look at long run support/resistance and it seems that today's S&P peak of 1230.71 and the close below the level 1219.29 at 1218.89 would indicate the near term high is set.
The inverted flag looks way better than the one on the earlier post, along with the resistance level 1219 (green line) and the fact that the closing was below it seem to suggest a lower move from down here.
For the bulls, look at the low of the 1249.05 3/16/2011 (march) and the SMA(50) seems to be a future confluence region around that level, current SMA is at 1256 and a possible price target. While tomorrow may indeed be a down day but a move higher to bounce or break off is still possible. Also the future level would be withing the flag so the pattern wouldnt be broken.
We shall see how it turns out
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