S&P500 – Looks heavy, inverted bearish hammer at critical resist

First take note of the Monthly chart on the left had side, which has Fib expansion levels plotted on 2009 low – 2011 high – 2011 low. The 161.8% Fibo expansion level is seen at 2213.5.

Now take a look at the daily chart on the right hand side, which shows failure around 2213.5. Moreover, the Wednesday’s inverted bearish hammer candle was formed following the rejection at 2213.5. Consequently, we may conclude that the index has topped out at least for the short-run. A break below 2190 would open doors for a slide to 2160-2140 levels.