SPX appears to be entering a diamond top on the daily time scale. The pattern formation is average or perhaps slightly below average - I would much prefer to see multiple trendline on both sides of it and a cleaner overall diamond shape. An additional weakness is the strong buying power displayed over the last four days of trading, with prices closing far north of the daily low each time. There is still some significant bullish sentiment reflected there. Price action has tightened up somewhat on the last half of the diamond as should be expected, and a strong downward breakout would confirm the pattern. If you're looking to short it, I personally wouldn't take a short position until the breakout. Because of the weaknesses discussed above I wont be entering at all.
I'm a firm believer that "Its better to see a trade you wish you were in than to be in a trade that you wish you weren't".
I'm a firm believer that "Its better to see a trade you wish you were in than to be in a trade that you wish you weren't".