This is the bad for the bulls, and I mean really bad!

Unless you have been living in a cave for the past year, you'll see that a quick glimpse of the S&P 500 weekly chart shows a massive head and shoulders pattern that has formed over the past two years of trading. 

Today the market is confirming this, or at least attempting to, depending on where the market closes the day at. This is a massive, no scratch that, this is a ginormous topping pattern for the the bull market that has lasted over the past 6 years and today, it is actually trying to break the neckline of the pattern and start a push lower that could ultimately take SPX into the 1500-1600 range which would see pullbacks in stocks that we haven't seen since 2008. 

So yes, be weary of the action that we are seeing today, and don't try to be the hero by buying the dip. If this head and shoulders pattern that I have detailed below confirms, it could result in massive bloodshed for equities.

(Click on image to enlarge)