ASX 200 futures (SPI 200) technical analysis:

A potential head and shoulders top is forming on the ASX 200 daily chart. This projects a downside target around 7900 if successful, which is a -3.7% drop from current prices. This also lands within the vicinity of the 200-day average.

While this would no doubt wet the appetite of grizzly bears, they should take note of the support levels nearby which could hinder its downside potential. At least initially.