Recent price action on the S&P500 is looking like a 222 Gartley Pattern. Late May marked the start of this pattern. To validate the pattern, point D must exceed point B and it looks like that is happening right now with today’s rally. This pattern will then be the classic “W” pattern which would bode well for a decline in price.
Tomorrow (June 19) the Fed will talk about QE and perhaps offer up some hints as to how to taper back QE. If the markets are disappointed, we may well see the decline start to develop again which would leave the late May highs un-challenged.