To the left is a weekly chart of the S&P (ES). It might be a little early, but it looks like we could be forming a head and shoulders pattern. While this could easily be invalidated by weeks end with a weekly close near 1350 or so, I think at the moment it is looking good. If we see a week that closes near 1335 or lower I think we could be heading to the neckline shown in green and a possibly valid H&S pattern completion. The volume has been near the lows as appose to the highs which all show relatively light volume. We have also seen divergence with the MACD throughout the formation. I think a sell here could be low risk, or a sell if we break the neckline. The ultimate target would end up being around 1150 for this pattern, but more on that if this pans out over the next week or two.