The S&P 500 and the Dow Jones Industrial Average on my previous post move in a very similar direction. Like the Dow Jones, the S&P 500 could also form the right shoulder of the possible head and shoulders formation if does not reach and surpass its 1,219 high. If 1,219 gets cleared, we could see the S&P 500 reach the resistance at 1,300. However, if it goes the opposite direction and falls, a break below the neckline could send it all the way down to psychological 1,000 marker. For the mean time, though, the S&P 500 is bound to go up as long as it doesn’t go below the uptrend’s support.