With Friday's selling action weighing on the S&P 500 (SPX), Kevin Green looks at current options flows and technical areas on the charts that are standing out ahead of the holiday weekend. In terms of volatility, KG observes historical trading patterns from a quieter August into a traditionally bumpier September. Later, he highlights a head and shoulders pattern forming on a 3-year weekly chart of the PHLX Semiconductor Index (SOX) with some downside curl on its MACD study.