There's a possibility forming here on the SPY, perhaps this is a small H&S top, it falls right in the middle of the triangle. Remember, I'm looking for a breakout above the triangle, but timing is anyone's guess especially with options expiration.

 The 1 min chart looks like the right shoulder may develop a little more.

 The 5 min chart looks about right for a H&S top, which is on a 5 min chart so it's a short term event.

The pattern implied price target if this indeed is a H&S would be about $133 on the SPY, which would create another downside shakeout.

The heaviest open interest in SPY calls is at $135 and $140 so if they intend to pin the $135 calls, the breakout would have to wait until next week.

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