Thursday, July 7, 2011

S&P 500 Update

Click on Chart to Enlarge

Today the SPX is moving above some prior significant swing highs on the chart. It has exceeded the Feb high, which is the ideal target for the right shoulder of a head and shoulders pattern. Also two recent swing highs from late May were exceeded. If the market reversed to close below these swing highs, then there may be additional selling to follow at least in the short-term.

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