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.
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hey man…
I think since we all are waiting for that SHS it won’t make it..we need some more volume in this shoulder and wich current volatility levels I don’t see it coming..
nice blog btw, daily check for me!
You have a good point there Tony. Thanks, please tell your friends to visit as well! What’s your take on the market?
well Al, I do think we will see 1150 before another bearish leg towards 950 or so, right now I’m out, I don’t trust this market.. I starting to see some weak technicals buy signals, but it’s not enough yet..
Cheers Al
Thank you for the insights Tony, that made me think twice.
Cheers.