Heading into May, the S&P500 was bullish, but stalled after it tagged 2110. Since then, we can see a head and shoulders pattern forming in the daily chart. S&P500 Daily Chart 5/20(click to enlarge)During the 5/19 session the markets slipped and the index cracked the neckline at 2040. I think there is downside risk towards 2000. We should anticipate some buying here at 2000. However, if price continues to fall, the next key pivot area will be around 1950, which was the resistance of the double bottom that formed in January-February. Failure to hold below 2040, and a surprise rally above 2060 could put the above scenario on the shelf because it would suggest the failed top. A failed topping attempt could be translated into a bullish continuation scenario.