Inverse Head & Shoulder Patterns Everywere

I have never seen so many inverse head & shoulder patterns, scroll thru the sp500 daily charts they are everywere.

AA,AMGN,AVY,BAC,BBBY,BBT,BC,BLL,BMS,BSX,COF.

The list goes on and on. This tells me if these patterns follow thru the index is headed higher real soon.

 

It should also "tell" you that everything has become correlated.

 

OMG were going up! long on everything with no stops!

 

"if these patterns follow thru "

If being the key word -these patterns tell us nothing until they become active. It's good to have something to look at, but until we close above the neckline, there is no reason to be bullish.

 

Really?

Quick look on daily

MSFT no
C no
XOM no
PFE no
GE no
WMT no
INTC no
IBM no
GOOG no
AIG no
MCD no

You had 11 with, quick search found 11 without IHS.

Now let's have a look at the S&P500 cash index itself

SPX - ImO it's early to say that SPX daily features an IHS pattern, will price breakout based on the incomplete price pattern or will price re-test current lows based on the weekly chart? Have a look at the monthly chart also, ImO not bullish.

ImO to assume that an index is to reverse based on review of just 2+% of the index's companies is naive.

Best to all!