500 weekly (left chart) has created a series of higher lows at key Fib levels, a positive.  At the same time this is happening flag/pennant patterns look to have formed on a weekly and daily basis.  The back and forth action tends to frustrate bulls and bears, usually resulting in lower volume and sentiment studies that suggest lack of conviction in either direction at this time. 

Very interesting and almost odd that the 500 index is close to the top of the flag and the U.S. Dollar is at key resistance as well! (see post here)

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past