Click on the chart to enlarge it.

That same area is the zone to watch on the weekly chart too because it would be breaking its long-term uptrend line then. It's already put in "lower highs". Now we'll see if it puts in its first "lower lows". Lower bond prices and rising rates could help pop the stock market bubble. Bad for both stocks and bonds, in general.

is that a possible head and shoulders forming on the weekly chart?


Yes. it would be a completed bearish head and shoulders pattern IF/when it drops and closes below this black line.