Commentary: 

Both the S&P 500 and Dow Jones Industrial Average have confirmed the completion of a short-term topping pattern on October 23, falling below the price-swing lows of the last month. A double top, occurs when a rally is followed by a correction and the stock or index rallies back to the price level of the prior rally. The pattern is confirmed when the price once again retreats below the correction low, indicating a further slide in the price is likely. A multiple top is similar, except it will have three or more rallies to a similar price area, separated by corrections. The multiple-top pattern in the S&P 500 index is not large – from high to low it is 48.98 which provides a downside profit target of 1376.55. Multiple tops have also occurred in numbers stocks, with technical traders likely looking to take profits on long positions, …