First the daily chart:
The Relative Strength Indicator on top showed a break in uptrend, indicating that momentum is shifting. It could be shifting to sideways or down.
The volume declined as the market turned downward, either because fewer were interested in selling (if you are a bull, you like that) or because people were taking an extended Labor day weekend. Either way, it points to a bounce on Monday. How high will we bounce? If it's above resistance (1220), that would be bullish. Likely, the President's speech would be the catalyst for higher prices should that happen. Current economic data does not support it.
Long term chart below
Ominous. Classic head and shoulders pattern shows a long term top. he market tried to revisit the neckline to test. It failed to make it there. So far.
Long term chart below
-R
