The S&P had an extremely choppy day on Friday. Prices oscillated wildly between 3791, and just below our level at 3867. Currently we are testing the upper bound of that range. The volatility and failure to break through to lower levels coupled with the testing of the upper bound suggests we may see a breakout to the upside today. Watch for 3867, 3887, and 3910 to provide resistance and these should be thought of as profit targets. Eventually we will close the breakout rejection from our inverse head and shoulders pattern from last week but that likely wont happen today unless we get an extreme amount of buying volume.
Trade closed: target reached:
BOOM!! Profit target of 3887 reached!!
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