Bearish Chart

The chart looks bearish to this paper napkin chartist.  We made a false break out from the inverse head and shoulders to 1365 and are now digging into 1330 SPX support.  The short term traders will turn bearish when we break this support level and we could shoot down in an air pocket down to SPX 1310, where layers of resistance lie. 

Commodities continue to underperform equities, especially energy.  The longs are crowded into energy and positioned wrongly in a downtrending market.  Crude oil looks like it will test even lower levels.  Perhaps by Wednesday or Thursday we can have a mini capitulation.