Technical Trivia Of Current Interest For S&P 500

The first two noise cancelling charts show the short term resistance created by a double top in SPY and a triple top in the S&P 500 index itself.

One psycho-social explanation of the effect of double and triple tops is that some of those who bought there are in loss positions and are waiting for a chance to get out even. As the price approaches the former top, they sell creating downward pressure until those weak hands are exhausted (the third chart helps visualize that phenomenon).