Market Top?

"If this isn't the mother of all head-and-shoulder top formations, I've never seen one,” Russell told MarketWatch. “If this formation falls apart, I expect the break to signal the start of a brutal decline in stocks... If the formation breaks down, I think all previous plans, scenarios and strategies will hit a stone wall.

“Wall Street and public sentiment will turn black bearish. Consumers will head for the storm cellars, and once in, they'll shut the door above them and lock it."

A breakdown of this chart would be a few days of new lows for the Dow, about 60 points down from where it ended yesterday. The S&P chart looks very similar… except it’s already making new lows.