Limbo

We should probably start an S&P watch, because the market pretty much hangs on the balance of the inverted head and shoulders pattern it trades in.

As you can see from the SPY chart below, a break above $150 would break the neckline of the pattern and most likely project the beginning of a strong new multi-month trend higher. You can also see, however, that the price can pull back to $144 and still remain within the pattern.

As such, this market is in limbo until this situation resolves.