JamesEvison
Short

S & P 500 - Bearish H + S at previous Supp now Resistance?..

SPCFD:SPX   S&P 500 Index
- S & P 500 may be about to break lower as It looks like a Bearish H + S pattern may be forming
- The second shoulder of this pattern formed on the close this previous week, with price closing at a previous
Support level that could now be acting as resistance
- Going into next week we would have to watch for price action around this area

1. If price were to break above this mentioned resistance area this would invalidate the pattern and price could move higher again
2. If we were to see clear Bearish rejection off this level we may see the H + S pattern completed
** However we would still need to see the neckline of this pattern ( BLUE TREND-LINE) broken to confirm further Bearish breakdown

THIS IS NOT TRADE ADVICE NOR A TRADE CALL
I'm not sure if your next prediction with the red trend line will be correct but it stopped right at your green line! Couldn't be more accurate. I'm impressed!
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@Polotto, thanks mate, appreciate the comment. Guess we’ll have to wait and see! :) does the large gap down past the ‘neckline’ give the drop any significance at all?
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