An S&P 500 Double Top?

This chart is rather straight forward, and simple. Why? It was created to show one thing and only one thing: a double top pattern has emerged on the chart of the S&P 500 SPY ETF, indicating a potential resistance level.

Double tops are widely known as they illustrate two points of supply, meaning more sellers than buyers. One way to think about this pattern is as follows: look what happened the last time price hit this point. It's as simple as that.

Considering the significance of this pattern, I am closely monitoring the SPY ETF chart until the year's end. As the end of the year nears, and 2024 looks to start up once again, I think this could be a defining moment.

I also think the double top will either break or resolve itself before 2024, thus giving us an immediate trend to kick off the year - bullish or bearish.

I'm watching...