Inverted head and shoulders on the SPX?

buy buy buy

 

This time around I tend to agree with StockTrader...
We might easily shoot upwards this week. The reason is - there were not too many sellers today although there were no really good news today

 

Futures have bounced off the day's pivots and are headed for resistance 1, which interestingly enough is yesterday's high, and the line in the sand to break for the markets to turn bullish, IMO. If we can take on R1 I'll add some longs on my Thai account.

 

Wow, the Nikkei must be news driven, it just flew through the roof!

 

The overseas markets are responding to today's trading in the US as trader sentiment has shifted slightly and given a bullish signal.

In regards to the inverted head and shoulders pattern in the $SPX daily 6 month chart. The following chart my shed some light on whether or not the pattern existed or not .....and currently the chart is displaying a bull flag pattern.

http://stockcharts.com/h-sc/ui?s=$SPX&p=D&yr=0&mn=5&dy=0&id=p29922017281&a=160452275&listNum=1

 

Nice chart Dogon, I'm not sure I see the bull flag though. Can you show that in more detail?

 

I'm watching 834, if we can take that out, I'll expect a couple up days to follow, then time to reasses. Pre market we got smacked down, that's also right near the R1 for today.

 

Banks are not showing any sign of turning around with this small rally to 7970 on the DOW this morning, if things turn negative for the markets the bank stocks look to lose another 10%+ today.

 

Thanks fantastic4... in my haste.... I typed the incorrect flag formation.... it is a bear flag. The chart school at FreeTradingvideos.com has a great example of a bear flag... check it out... http://www.freetradingvideos.com/bear_flag.asp

 

Market forming a strong base in the 8000 range. A 500 point breakout to the upside is expected.