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S&P500 showing a head and shoulders pattern

I have been writing a lot about head and shoulders and inverted ones today:

EUR/GBP shows evidence of topping

USD/CAD nearing completion of inverted head and shoulders

Here's a third for the day: S&P500 Daily Chart

(click to enlarge)

The daily SPX chart shows that price retreated from last week before it could get back to the April highs. Instead, it formed what could be the 2nd shoulder in the head and shoulders pattern shown above .The neckline is around 2040. A break below 2040 should open up the 2000 handle. 

Below 2000, SPX could open up the 1240 pivot. 

We had a resilient market Monday (5/17). If price pushes back above last week's high, then the H&S outlook should be reconsidered. But if price is simply choppy this week above 2040, we should still anticipate the topping action going into next week, which would put the 2000 handle in sight in the short-term.