themarketzone
Long

Double bottom with bullish Pinbars

FX:SPX500   S&P 500 Index
The last 2 trading days trimmed $SPX             losses following the first day of her testimony in front of congress.
The late rally created Pinbar pattern and double bottom (with 2 weekly Pinbars) just above the 200 weeks SMA .

$SPX             is still below the resistance zone 1860-1880 so there's still potential downside risk for S&P500             .. However, if the price will break above 1880 and later above 1900, most likely it will continue forwards towards 1950 and 2000 (final target level for the bullish pullback).
If it'll fail.. we will probably see another nose dive towards 1800 to touch the 200 weeks SMA before the next rally.

Tomer, The MarketZone
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Comment: Approaching 1950 - First Target Zone
Comment: Nice weekly price action. Close above 1900 was very important. 1950 still target zone http://goo.gl/KeeygH
Comment: Final Target reached - Trade closed
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