Inverse Head and Shoulders Update

http://www.canadafinance.net/inverse-head-shoulders-pattern/

The Link above is from Sept 20 2010 illustrating the breakout over the right shoulder of the Inverse Head and Shoulders pattern originally discussed on Sept 14th.

Today the SPX closed over a trendline which held the bulls back for about 10 days.  Over todays close at 1160.75 , 1169 – 1173 is the next larger resistance area possible. A break below the 1120′s would be a negative for the bulls, with 1137 – 1140 ish a larger shorter term support. So far the bears have been unable to break down key supports on the indices. Until the bears are able to break down some larger short term supports, the bulls will remain in control.

Happy trading

Rick

Short URL: http://www.canadafinance.net/?p=1229