Take a look at charts that show the short term resistance created by a double top in SPY and a triple top in the S&P 500 index itself...
The first two noise cancelling charts show the short term resistance created by a double top in SPY and a triple top in the S&P 500 index itself.
One psycho-social explanation of the effect of double and triple tops is that some of those who bought there are in loss positions and are waiting for a chance to get out even. As the price approaches the former top, they sell creating downward pressure until those weak hands are exhausted (the third chart helps visualize that phenomenon).
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