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S&P breakout... or head and shoulders?

|Includes: SPDR S&P 500 Trust ETF (SPY)

The S&P put a positively vicious rally onto the chart this week.  It broke handily above its downtrending line of resistance in the process...

So that's good, right?  Maybe.  Or, it may be that a Head and Shoulders is forming...

The S&P formed a clear Head & Shoulder last summer, and actually broke under the neckline before regrouping and rallying to new highs after Helicopter Ben declared the arrival of QE2.

It's worth nothing that the Emerging Markets have the same setup as the S&P - breakout above the trendline this week, but back into Head and Shoulders territory.