AMEX:SPY SPDR S&P 500 ETF
At the close of trading on Monday October 5th, the SP 500 traded and closed above the neckline of a Reverse bottom pattern. The reversal target of an internal reached its third 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.