$SPY H&S Anyone?

At R2 on weekly and tagged the 1.272 fib ext. Open gap remaining at 218.18, but still lots of down side gaps. Monster put premium in option flow and VIX at extreme lows could make for a big move.

My bias is to the downside and my most reliable contrarian indicator just went bullish equities.. - Gartman

Large OTM VIX buyers could be seeking cheap hedges, but I doubt it. Dark pools unloaded at resistance.