My last post on the S&P 500 explained that its chart could possibly be setting up the right shoulder of the head and shoulders formation (click here to see it). Now, the pattern looks clearer and if the price breaks below the neckline, the formation would be confirmed. Once the breakdown occurs, the value could slide all the way to the next support at the 1,000.00 psychological level. However, if the index changes direction and starts heading north, the immediate resistance it could encounter is 1,131.23. If that resistance gets cleared out, 1,219.80 could be the next.