The S&P 500 index is likely to change its upward trajectory.

The S&P 500 index approached the "cup and handle" target at 6152 points, but recently it has formed a "head and shoulders" reversal pattern at the neckline. The index has retraced to 5783, filling a previous gap. If it trades below this gap, it may head towards 5583 points to achieve the head and shoulders pattern target.