After another low volume do nothing day, the market continues to search for it's next move. Does it break out now or beat the bulls like a rented mule for a few days first. Or could something else be going right under our noses?

I was looking at a daily chart of the S&P today and something jumped off the page at me. This looks an awful lot like a market making a rounded top. Then I noticed the July 08 through August 08 advanced. It wasn't of the same vigor as this advance but it looks kind of similar. Take a look for yourself. 

Both patterns had an ascending wedge, a breakdown out of the wedge and then a sideways move, which is where we are now. The market completed the rounded top by rolling on over in early September 08. Is that what we're about to see in May?

I doubt that's the case, but we have to pay attention. I expect any weakness to be short lived at this point. This means that any correlation between these two examples will soon breakdown if I'm right.

So tonight just watch the same old levels, 875 to the upside and 800 to the downside.