SPY on the right shoulder

SPY is working on the head and shoulders that Eric called a couple days ago.  He gets the credit but not the blame if it doesn't work out.  Now we see another smaller pennant and the odds are this one resolves down, but I'm heeding the adage to not short a quiet market.

This will have to prove itself with a break below the red trendline.  I'll add more short position if it breaks below th 87 mark which is the one *everyone* is watching.

Subtle warning? was asked last night.  Will overt warning come this afternoon or Monday morning?  Art Cashin looking at the McClellan Oscillator called for an abrupt move one way or the other by today.

Risk management.