There has been a lot of talk about the volatility in the market and the daily reversals, but the moves on the S&P 500 chart have come within clearly defined parameters. The August breakdown was signaled, after a close below the horizontal channel support line the index had been trading in since February, and the bounce that followed met resistance at the previous January lows. That support-turned-resistance held and a series of higher lows formed the uptrend line of a triangle pattern. The index has moved from the confines of one pattern to another, and it signaled the transition. Depending on your trading perspective it has been very well behaved.