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The ominous chart pattern lurking in the S&P 500 index

Does ominous head-and-shoulders pattern bode ill for the S&P 500?

Recent moves in the S&P 500 index have at least one chart expert seeing a bearish technical pattern. Northman Trader is seeing what most analysts describe as a head-and-shoulders formation in the S&P 500 that could bode ill for the broad stock-market benchmark.

A so-called head-and-shoulders pattern, or head-and-shoulders reversal, describes when a charted security, in this case the S&P 500 SPX, -0.03% forms three successive peaks. Those peaks are described as the left shoulder and right shoulder, the head representing the highest peak in the...