SPY again trying to confirm this monumental head and shoulders pattern. 

And yes, if this pattern confirms, it does not bode well for the market going forward. Simply put, a close below 1820 on SPX or 182.00 on SPY means this pattern has confirmed. More importantly though will be tomorrow, and whether Friday's price action keeps price below 1820 for the week or not. 

I did a post on this earlier this week, and it is worth doing again, because it is that important. Also important is the 1812 level which was the January lows that the market reversed higher for a period of time off of. We've tested that level exactly today and so far there has been a light amount of buying. Maybe it morphs into more aggressive buying, but in my opinion it is probably a reprieve before it ultimately breaks that level either today or tomorrow.