Bulls and Bears are watching this chart for signs that the other side is giving up.
Meanwhile, price has been moving within a fairly narrow decision zone.
A look at a daily chart of the S&P 500 Index shows that it recently bounced off the target zone of the recent head-and-shoulders topping pattern (shown by the grey dotted line). Since then, it has made a series of higher lows (marked by green arrow); only to fail at the neckline resistance (marked by the red arrow).
Consequently, traders may expect to see bears push the short side while trading stays beneath resistance. A poke below the early August bottom wouldn't surprise me, and would likely take out a bunch of stops.