Technical Outlook: On Friday, SPX dropped nearly 1%. But more importantly managed to close below the 50-day moving average, despite bouncing off of it the previous two times. More importantly is the massive head and shoulders pattern that has been forming over the past two months on SPX. A move [...]
Nice head and shoulders pattern forming on SPX 5 minute chart going back to the past two days of trading. A break below the lows of the day at 2095 would confirm the pattern and likely result in an even bigger downside move. Here’s the action: […]
This is a beautiful inverse head and shoulders pattern that SPX is close to breaking through here. Once it confirms there is a good chance there is another additional 20 points of upside before the index reaches its pattern target. Here’s the IH&S pattern: […]
The big banks appear to be setting up for a bigger move here. I am already long in JP Morgan (JPM), but all four of these charts are posting solid reward/risk ratios with the potential to break higher any day now. Take a look at each chart, you’ll see that [...]
