Yep...it still looks like a top to me..

I discussed my view on January 25th about the S+P being a potential top and identified a head and shoulders top. I said the following:

'If we are correct in our assumption that the market has topped, we may see a ‘return to point of break out’, where the market rallies back to the ‘neckline’ of the head and shoulders top. These reactions are frequently seen and in this particular case the rally should fail somewhere around the 4600 zone.'

So this has now been seen, it looks to me like that the rebound is running out of steam around 4600 ....and we are looking for failure....this is pretty classic charting so far.

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