Given a much larger daily/weekly picture of overbought, this...

Given a much larger daily/weekly picture of overbought, this local SPX setup is similar with rising UST risk indication of the 10/30yr to the 2011Aug drop - compare to May2011 SPX.

Zoomed in local this 'might' be a handle to a larger cupping top which provides reliable confirmations - starting with the previous Jan2014 high around 1850.

SPX spot 4hr cup and handle with T-theory and Fib
(saves having to post 2 diff't charts)
- marked local ranges for upside and downside IMO

SPX 1hr zoomed into handle with T-theory & Fib

Pattern wise, timing is complete here to show a clear direction for the short term IMO. If this is a handle, it completes a C&H formation nicely. Follow the fibs if that is the case.