That's a common debate right now. Some think we have an Inverted Head & Shoulder pattern on the S&P 500, and some think it is a trading range.
Some time ago, we had displayed 1148.24 as an important resistance level as seen below. That resistance level was established by the tick of May 18th. of this year.
Well, yesterday was the "testing day" for that resistance level. As you can probably guess, the S&P went up to an intra-day high of 1148.24 yesterday and then pulled back. It was an exact resistance test of the 1148.24 level.
So, the key question today is: "Will the S&P make it above the 1148.24 resistance level of fail to the downside?
If it makes it past the 1148.24 level, then that would be an indication that the S&P did have a valid, inverted Head & Shoulder pattern.
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