$SPX Hourly Chart Update: Very well defined channel resistance and support lines in blue. Very well defined support level at 6,550 in orange. Very notable potential head and shoulders pattern in green. Big test tomorrow for bulls to stay within the channel or at least hold 6,550. That 6,550 level is EVERYTHING. Could very well be the neckline to the H&S. Bears break that and you get a waterfall. How big of the waterfall remains to be seen.