ThomasMagdi
Long

SP 500 Reverse Head and Shoulders Pattern Confirmation

AMEX:SPY   SPDR S&P 500 ETF TRUST
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At the close of trading on Monday October 5th, the SP 500 traded and closed above the neckline of a Reverse Head and Shoulders bottom pattern. The reversal target of an internal descending broadening wedge reached its third pivot on support adjacent to the right shoulder and advanced the SP 500 through the neckline early in the morning at point C. The SP 500 closed at 1986 this afternoon significantly above its neckline (point C) breakout value of 1969. The SP 500 now has a revised upside target of 2225. Expect throwback and the neckline to be retested as support with Stop losses placed at or below the neckline.
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