Lavis Chong

Head & Shoulders or "Raised Hand Golem"?

FX:SPX500   S&P 500 Index
42 0 0
Can s&p             break the strong resistance at 1809.9 and its MA50 that coincidently met with the resistance, or can it not?
Should it retrace its drop from that level, the chart will form a head & shoulder pattern and the next support may be tested at 1772.4.

Personally I think there will be certainly some 'hesitation' seen at 1809.9 level and eventually after a rally of some short while, the s&p             will be back on its 'bull' track towards testing the previous triple top at 1847 level. This opinion is formed with the following personal observations:

1) Unemployment is improving gradually.
2) Traders/Investors did not seem to be badly bothered by the tapering.
3) Sharp rebound from 1740 level may signify the index was deeply undervalued.

PS: this is solely a personal opinion, NOT a recommendation to buy or sell
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