A break above the latest red arch would negate a bearish head and shoulders pattern. But a break below the neckline should confirm it. https://s3-us-west-2.amazonaws.com/maven-user-photos/seanhyman/fundamentals/IOSU6hIfr0e_ddd3b0bprg/mYc7R17PFkKn4PZrbRTpZw
So far today, it's heading towards the neck line. The 50 day MA has really leveled off too.
Yes, the moving average leveling off is a sign that the upward momentum has taken a break and could lead to a trend change. This doesn't have to always be the case...sometimes it takes a break and then resumes its upside BUT this time around, the RSI and MACD continue to slump, enhancing the odds of more downside. A break below 2850, if it holds below that, will be a significant break lower that will be concerning to large institutional investors.